Officials who have been summoned include chairman and managing director V K sharma and two directors Colonel Tirpat Singh Bhan and Mohan Chand Joshi.

All the directors have been asked to appear before the court on May 22, the next date of hearing. None of the directors were present during the hearing on April 21.

Justice A R Ramanathan said the court has taken serious note of non-appearance of the directors of JVG Finance before the CLB and any further non-compliance will invite penal action.

The summons have been issued through the Registrar of Companies. Assistant Registrar of Companies R D Kashyap was present during the hearing.

Earlier, CLB had sought the help of the Registrar of Companies in finding out the name and addresses of the directors. Summons have been sent to residential addresses of thedirectors as they are not available in their offices. The company has already closed many of its offices.

The CLB proceeding was attended by a number of investors from Agra, Chandigarh, Gwalior and Shillong besides Delhi. Meanwhile, group company Hoffland Finance has sought CLB's permission for its deposit repayment scheme. In a written communication to the board, Hoffland Finance said it would give depositors two repayment options beginning August 1998.

Under the first option, the entire principal amount would be re-paid in six quarterly instalments before December 1999, while in the second option, the amount would be repaid in two equal instalments by the third-quarter of 2000.