The movie titled Awards will be produced by Percept Picture Company at a budget of Rs 40 crores.
Buzz is that Priyanka Chopra will play the lead role. An insider reveals, "The movie will reveal the behind-the-scenes drama and the inner workings of award functions.
The movie will also show aspects of how certain award functions bear allegiance to certain camps and also how certain actors manipulate awards.
Madhur won't need to research this one. Being an industry insider, he is aware of the games beyond awards.
After director Ashutosh Gowariker's statement against Priyanka Chopra at an international award function, Bhandarkar realised there was enough drama in the subject, to explore it as an idea for a full-fledged film.
The source continues, "Madhur had a word with Percept honchos, who liked the subject and gave the film the green signal.
The movie will involve incidents from the recent award functions. That might also include Ashutosh's verbal argument with host Sajid Khan. "
The pre-production work will only start after the release of Jail in October. If everything goes well, the movie will go on floors in November.
Navin Shah, CEO of Percept Picture Company confirms, "The movie is based on award shows in our Bollywood.
It is the typical genre of Madhur where he translates reality into fiction. The star-cast hasn't been finalised as yet."