The movie begins with Sunil (Shah Rukh Khan) being woken up from his dream of marrying the girl he loves, Anna (Suchitra Krishnamurthy), by Sunil's sister (Sadiya Siddiqui). Sunil is a happy-go-lucky scamp who loves music and is not interested in studies, which bothers his father, Vinayak (Anjan Srivastav). Sunil, Anna and Chris (Deepak Tijori) are 3 members of a 6-person music band, who are looking to make it big. Anna rejoins the group after being away for a while, which makes Chris happy too, as he too loves Anna. After Anna reenters his life, Sunil begins to try and change his ways in order to get Anna to fall in love with him.

During a performance at a friend's wedding, Sunil realises that Anna and Chris have some chemistry between them. Sunil is devastated, so he decides to create a rift between Anna and Chris. Sunil eventually gets caught in his own web of lies. Anna, furious with Sunil for such a betrayal, slaps him and decides to never talk to Sunil ever after. Sunil is thrown out of the band for being a miscreant. However, as luck were to have it, fortune favours Sunil who saves the band from being heckled at a local club performance by putting on a stellar show, so the entire band forgives and forgets.

Meanwhile, Anna's father has been giving thought to getting her settled in life, and decides that Chris is worthy of the honour. He makes his intentions known to approach Chris' parents with a proposal. However, Chris' parents have other ideas, and decide Chris' marriage to their friend's daughter. Anna and her family are dejected.

Sunil consoles Anna during this time, and the tide slowly turns in his favour. Anna's father, having realised that Sunil will love and take care of Anna, convince Anna to marry Sunil. Sunil is overjoyed, until he realises Anna still loves Chris. Sunil decides to reunite the two and get them married. On the wedding day, as Chris and Anna are about to exchange rings, Chris' ring slips out of his hand and rolls out of sight. Everybody starts searching for it. Sunil spots the ring but feigns ignorance, even as his younger sister gazes at him with a heavy heart. Eventually Chris locates the ring and the couple get married.

Just after the wedding, Sunil is shown sitting on the sidewalk, dejected and heartbroken. By happenstance, a random girl (Juhi Chawla), who is lost and is seeking directions, approaches Sunil. Some time later, Sunil and the girl are seen walking in the moonlight and talking merrily.

The movie ends with Anthony and Vasco, two criminals who are a part of the story, see Sunil with the new girl and break the fourth wall, saying that Sunil will be alright. The criminals hear the police siren and immediately scamper away as the credits roll.

• Shah Rukh Khan as Sunil
• Naseeruddin Shah as Father Braganza
• Suchitra Krishnamurthy as Anna
• Deepak Tijori as Chris
• Ashutosh Gowarikar as Imran
• Kurush Deboo as Yezdi, Sunil's Best Friend
• Aditya Lakhia as Tony
• Satish Shah as Simon, Anna's Father
• Anita Kanwal as Chris's mother
• Rita Bhaduri as Mary Gonsalves
• Ravi Baswani as Albert Gonsalves
• Anjan Srivastav as Vinayak, Sunil's Father
• Sadiya Siddiqui as Nikki, Sunil's Sister
• Ajit Vachani as Charles, Chris's Father
• Goga Kapoor as Anthony Gomes the Don
• Virendra Saxena as Vasco, Anthony's Right-hand man
• Tiku Talsania as Patel the Bar Owner
• Juhi Chawla (Special Appearance)

The music and background score was composed by Jatin-Lalit while the lyrics were penned by Majrooh Sultanpuri. The song "Sachi Ye Kahani Hai" samples the Boney M. song Rasputin.^[5]

• Critics Award Best Movie – Kundan Shah
• Critics Award for Best Actor – Shah Rukh Khan