SAHARA INDIA PARIWAR Vs. PAWAN KUMAR JAIN

JUDGEMENT

(1.) The petitioner Sahara India Pariwar floated a scheme called Sahara 4, whereunder bonds were to be issued by it to the applicants under the scheme. The bond holders were required to open the account by paying instalments as detailed in the scheme. Clause 8 and 9 of the aforesaid scheme read as under:-

(2.) Late Smt. Kaushal Jain, wife of the complainant, started depositing Rs. 400/- per month for the aforesaid Scheme vide A/c No. 21220100977. The Scheme started on 23.02.2000, whereas Smt. Kaushal Jain expired on 13.03.2004. Being her nominee, the complainant demanded the benefits given under the Scheme from the petitioner Company. All the documents were submitted by the complainant to the petitioner Company, in order to enable it to process the claim. According to the complainant only the principal amount deposited by his wife was returned to him without any interest. The benefit of Death Help Scheme, according to the complainant was not extended to him. This is also the case of the complainant that besides the benefit of Death Help Scheme, he will be entitled to get interest on the deposited amount of his wife with the petitioner Company. Being aggrieved from the failure of the petitioner Company to extend the aforesaid benefit to him, the complainant approached the concerned District Forum seeking interest on the deposit made by his wife as well as the payment of Rs. 1 lakh under the Death Help Scheme. Compensation and costs of litigation was also claimed by him.

(3.) The complaint was opposed by the petitioner Company, denying its liability to pay any amount to the complainant.