Well it turns out that after you send a strongly worded message or two, they do get around to resolving your problem. The good news is that I was given a full refund for my webcam and that too within the designated time.
I am very very pleased and was relieved when I received the refund cheque. I hope to continue with purchases from snapdeal, but a little more cautiously from now on :P Overall, their customer service is impeccable! Hope this helps!