Market regulator SEBI has filed a contempt petition against the Sahara Group in the Supreme Court for not complying with its directions relating to refund of about 24,000 crore rupees by its two firms to their investors.

The petition said the two firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation have not followed the apex court's direction to furnish within 10 days the information about the investors.

The contempt petition was filed two weeks after the apex court had asked SEBI to take action as per the law for not following its directions to refund the money to the investors within three months with 15 per cent interest per annum.

A bench of justices K S Radhakrishnan and J S Khehar had observed on the 19th of last month that if the firms fail to refund the amount then SEBI can attach their properties and freeze bank accounts.

The court had also appointed one of its retired judges, Justice B N Aggarwal to oversee the action taken by the SEBI against the two Sahara group firms.