SFA Chief Executive Stewart Regan says the governing body has nothing to fear over its handling of Rangers' European licence in the 2011/12 season.

A group of Celtic shareholders want to know why their rivals were allowed to play in the Champions League that year despite having an outstanding tax payment.

Clubs participating in UEFA competitions must declare any 'overdue payables' to the taxman and give details on whether they have a commitment to repay amounts, or a dispute over any bill.

Read more: Neil Lennon among the frontrunners to replace Alan Stubbs at Hibs

The Herald: Scottish FA chief executive Stewart Regan has ruled out a World Cup boycott

The Gers owed £2.8 million in tax in 2011 due to their use of Employee Benefit Trusts, but were permitted to play in Europe.

The Celtic shareholders - known as the "requisitioners" after attempting to force the Celtic board to address the matter at the Parkhead club's 2013 AGM - argue Gers should not have been allowed to represent Scotland in the Champions League.

They say by allowing them to do so, the SFA denied Celtic - who would have taken their place - millions of pounds in potential prize-money payouts.

Read more: Celtic's Leigh Griffiths crowned Ladbrokes Player of the Season

They have held talks with the SFA on the matter, while another set of Hoops supporters even took the step of placing an advert in a Swiss newspaper on Wednesday as they urged UEFA to intervene.

The Herald: 26/07/11 CHAMPIONS LEAGUE 3RD QUALIFYING RND 1ST LEG.RANGERS v MALMO (0-1).IBROX - GLASGOW.Madjid Bougherra in action for Rangers.. (30340755)

But Regan has assured that the SFA followed the rules in allowing the Ibrox club to participate.

"There has been a reply. We've been in dialogue with Celtic Football Club on the matter," he said after today's AGM in Glasgow.

"My understanding is that the requisitioners have accepted that they have no issues with the granting of the licence to Rangers in 2011 .

"What they do have an issue with is the monitoring period immediately following that licence in March 2011.

"Our position on that is that we have complied with UEFA requirements in the period immediately following March 2011 and clearly if there is still an issue with the requisitioners then that's for them to take up with UEFA.

Read more: Alex McLeish: I don't want the Hibs job, I'd prefer to go back to England

The Herald: SFA Chief Executive Stewart Regan was at Hampden to welcome the new intake of Scottish FA Performance School pupils

"We've said if they do that then we'll fully cooperate and comply with any requests for information from UEFA and we've provided details at UEFA for the requisitioners to make contact.

"So we believe that the matter has been communicated to those involved and they will deal with it as they see fit."

Asked if the SFA had anything to fear, he replied: "No."

Celtic secretary Michael Nicholson declined to comment as he left the SFA AGM, while UEFA have also failed to respond to questions on the matter.