Young actor Vikram Jaisingh (Farhan Akhtar) arrives in Mumbai to make it as a Bollywood film star with the help of Abhimanyu (Arjun Mathur), an actor friend from his hometown, and their mutual friend Sameer, who works in a studio props department. Vikram befriends Abhi's neighbor, young actress Sona Mishra (Konkona Sen Sharma), with whom he eventually becomes romantically involved. Sona, the mistress of small-time producer Satish Chowdhury (Alyy Khan), who for three years has promised her a leading role in his dream project, meanwhile works in regional films and bit parts.
The movie shows what happens behind all the glitter of bollywood by showing interactions between producer Romy Rolly (Rishi Kapoor) , director, young newcomer Nikki Walia (Isha Sharvani) of famous old actress Neena Walia (Dimple Kapadia. Sameer takes Vikram to a party where Vikram impress Neena with his charm by praising her beauty irrespective of her age. Zaffar Khan (Hrithik Roshan) walks out on a movie being made by old-school producer Romy Rolly (Rishi Kapoor). Corporate sponsorship for the movie is also delayed, but Neena helps Romy by introducing him to old friend of hers who agrees to sponsor the film and makes Neena the boss of the movie and also decides to sponsor the movie of his brother Satish Chowdhury (Alyy Khan). Romy decides that it is time to search for a new face as none of the established actors agree to sign for his movie.
Sona finds out that Satish has got the money for the new project and meets him expecting him to cast her as second heroine, but he refuses saying that they need a new face and since she has acted in many regional films and other small roles she is no longer a fresh face. She argues that she can act well but he says that is not a major criteria these days in Bollywood. Sona is crying when Satish's wife enters and asks her why she is crying. Sona answers by fabricating a lie about trouble at home to save both her and Satish embarrassment. Sona while leaving the both of them gives photos of Vikram to Satish who shows it to his wife and who in turn shows them to Romy.
Vikram is shortlisted and Neena sees her audition and tries to remember where has she met him before. Vikram is told that the audition was for the lead role in the film and that Neena has seen his audition. He goes back and sees every movie Neena has starred in and when he finally meets her again, he impresses her with his charm and knowledge about her movies. Another guy who was also shortlisted is made overconfident by Virkam. Finally he is selected by the ladies, while Romy wanted to selected the other macho guy, but the ladies around him convinced him that Vikram has a charm that will appeal more to the public.
On set Vikram becomes increasingly crafty and manipulative, while Nikki becomes smitten by him and sneaks into his room one night while her mother is asleep in an attempt to seduce him. Vikram succumbs to her advances and a secret affair starts between the two, the affair becomes stronger when Neena has to leave the set on business for a few days. After coming back Neema instantly recognizes that something is going on between them and makes them understand that it will be mutually beneficial for them not to let the press and public know of their intimacy. Meanwhile, Sona arrives at the hotel where the cast is staying to surprise Vikram. She calls a friend to let her know that she has arrived, but her friend instead warns her of a blossoming romance between Vikram and Nikki. She doesn't take heed of her friends warning but discovers the truth when she sees Vikrams unexpectedly cold behavior towards her. Distraught, she leaves the hotel.
Meanwhile, in Mumbai, the news of the affair has leaked and a friend of Sona who works at a tabloid gets the assignment to prepare the article, which describes Vikram as a user who has shot to stardom by manipulating Neena and her daughter Nikki, it also mentions details of when he was struggling to land a role and Sonas part in his life as the forgotten girlfriend. Neena shouts at the magazine editor and also tells Nikki to stay away from Vikram. Vikram and Nikki have a fight and Vikram also shows his frustation to Sona as he believes she is the one responsible for the article.
In the end movie becomes a hit and Vikram rises to stardom but at the expense of his friends. He tries to get back with Sona but she refuses and starts to live her life as an independent but happy woman. She gets good roles on television and is also interviewed by a reporter for her fan following.
Bollywood stars including Aamir Khan, Shahrukh Khan, Rani Mukerji, Abhishek Bachchan, John Abraham and Ranbir Kapoor make cameo appearances as themselves.
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