The failure of directors to appear before the board was taken seriously by CLB member A R Ramanathan and summons were issued again to the directors of the non-banking finance company (NBFC). "Persons who have been summoned have not appeared before the board -- this is a violation of the order," Ramanathan said in the hearing.

The lawyers of both companies were present at today's hearing but CLB refused to take up the matter in the absence of the directors. "I want persons responsible for repayment of money to depositors to be present before the board," the CLB member said.

CLB had last month issued summons to all the directors of JVG Finance and JVG Leasing based on complaints filed by a number of investors alleging default on payment of fixed deposits by the company under Section 58-A of theCompanies Act.

The directors who were issued summons in the previous hearing included chairman of JVG group, V K Sharma, and two directors, Tirpat Singh Bhan and Mohan Chand Joshi. The next hearing of the case is scheduled for June 9.The CLB member said the court has taken serious note of the non-appearance of the directors of JVG Finance and JVG Leasing before the CLB and any further non-compliance will invite penal action.