Jubilee

Binod Das prepares the reel of Jamshed Khan's screen test for Madan Kumar, the studio's new star, to be presented to the Empire, by order of Srikant Roy, the studio's owner. At the Empire, the party is already in full swing.

Roy gambles on his new star. Binod navigates the way around his new life. Sumitra refuses to let go of Jamshed. Jay arrives in Bombay and is forced to take up a life of crime. Niloufer also moves to Bombay, but gets caught in a dangerous situation.

Jay goes job-hunting and is reunited with an old friend. Niloufer creates her own opportunities. Nanik Jotwani and Roy begin a revolutionary venture. Binod's newfound stardom is threatened by a surprise twist.

Niloufer and Jay rekindle their friendship. Jotwani introduces Roy to some new, powerful friends. Roy protects Binod from blackmail, at the cost of Jay's career.

An international propaganda tussle begins at Roy Talkies. Jay is determined to start his own studio, but has to make a huge personal sacrifice. Binod backs out of a commitment, and creates an enemy in the process.

Binod is haunted by memories of Lucknow. Jay struggles to shoot his film. Niloufer makes a big decision.