Unsuccessful film-maker (Vijay Arora) chronicles the story of two orphaned children, Shibu (Ashwani), and his elder sister, Rani (Gayetri Sharma), who live with their abusive maternal uncle (Sadhu Meher), and aunt (Mala Jaggi). Things take a turn for the better when Shibu befriends an albino elephant in the nearby forest, and through this elephant, named Airawat, finds a pot full of gold coins. Unfortunately, the uncle and his wife come to know of this, and inform the Emperor (Shatrughan Sinha), who undertakes to capture the elephant at any cost, leaving the uncle and aunt to keep the gold coins for themselves.
HI