The case was lodged on a complaint filed by Santokh Singh, brother of Hardev Singh.
Delhi police had closed the case in 1994 for want of evidence. However, a Special Investigation Team (SIT) on the riots reopened the case.
The court held both the accused guilty under various sections including 302 (murder), 307 (attempt to murder), 395 (dacoity) and 324 (voluntarily causing hurt by dangerous weapons or means) of the Indian Penal Code.
Both the convicts were taken into custody after the judgment.
The court is scheduled to hear arguments on the quantum of sentence Thursday where the convicts may get a maximum punishment of death sentence and a minimum punishment of life imprisonment.