SAHARA INDIA LTD Vs. JAWANMAL JAIN

JUDGEMENT

(1.) BY the order dated 10.9.2002 in Case No.96/2001 District Consumer Disputes Redressal Forum, Vidisha has directed the appellant -opposite parties Sahara India Ltd. to grant loan of Rs.1,00,000/ - to the respondent -complainant in terms of its scheme called "golden Key Account" floated by the appellant way back in 1986.

(2.) UNDER the said scheme every member was required to deposit a sum of Rs.2,500/ - with the appellant -company. Out of this amount a National Saving Certificate of the value of Rs.1,000/ - was made available to every depositor. The remaining amount Rs.1,500/ - was to remain deposited with the appellant for a period of 144 months. During this period a monthly draw i. e. , total 144 draws of lots were to be held and the prizes were to be given to the depositor as per the result of the draw. Forty more bumper draws also were to be held. In the instant case, the result of 60th draw held on 28.12.1991 entitled the respondent -complainant to get interest -free loan of Rs.1,00,000/ - from the appellant repayable monthly equal instalments in six years. The appellant -company did not, however, advance any such loan to the respondent who after prolonged correspondence approached the Forum below under Sec.12 of the Consumer Protection Act, 1986 seeking direction to the appellant for making the said loan available to him.

(3.) THE claim was resisted by the appellant on the basis of certain decisions of the Supreme Court and High Court of Madhya Pradesh wherein it was held that any such scheme was contrary to the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and could not be, therefore, enforced in law.