Widowed Madan Chopra lives a very wealthy lifestyle with two daughters, Seema and Priya. His passion is racing, and realizing that he is not young anymore, has his last race and wins - only to find out that another racer, Vicky Malhotra, let him win on purpose. Madan befriends Vicky, introduces him to Priya and invites him to work for him in Bombay. Vicky and Priya are attracted to each other, much to Madan's delight and he announces their marriage. Before that could happen, Seema kills herself by throwing herself down from the roof of a multi-storied building. While Madan wants to close this case due to embarrassment, Seema meets with her college friend, Police Inspector Karan, and together they begin to unravel a plot that may well end Madan and her lives as well.
Outwardly Ajay Sharma(Shahrukh Khan) looks like another young man with big dreams in his eyes ... if only anyone knew how bold and how diabolical those dreams were . Ajay's life is nothing but a constant desire for vengeance against Madan Chopra (Dilip Tahil) , a wealthy industrialist who had betrayed Ajay's father years ago and seized his business empire , leaving their family penniless . Ajay assumes the identity of Vicky Malhotra and befriends Chopra . Chopra's two daughters Priya (Kajol) and Seema (Shilpa Shetty) are in love with Ajay . However Ajay has no love for either in his heart .... and will stop at nothing to bring about the downfall of Madan Chopra , even using his daughters as pawns if need be.