Mannar Mathai is now running a theatrical troupe under 'Urvashi Theatres', and the group is built around his two friends who constantly argue over who should get the leading role. Gopalakrishnan and Balakrishnan are the star pair in the troupe, each eager to dominate the stage and secure the spotlight, often clashing as they audition for parts and jockey for hierarchy within the company.
During Urvashi Theatres’ first stage show, Gopalakrishnan is cast as the villain and is supposed to slap the heroine Shakunthala, but his performance is too harsh, leaving her deeply upset. Shakunthala walks away from the troupe, choosing instead to pursue a film career. With their lead actress suddenly gone, the troupe must scramble to fill the vacancy, and tensions rise as the search drags on without a clear candidate.
In a pivotal turn, while the troupe searches for a new actress, a distressed young woman named Meera jumps in front of a taxi to end her life. Meera is rescued by Gopalakrishnan and brought back to the camp, where she is pressed into the lead role in the troupe. To secure the hero’s position for himself, Gopalakrishnan pretends she is his cousin, but Balakrishnan remains skeptical and brings Gopalakrishnan’s mother to the camp to confirm. When the truth seems close to coming out, Gopalakrishnan confesses that he claimed she was his cousin out of love, and the two marry in front of everyone, sealing the arrangement.
After the wedding, Meera attempts suicide again by leaping into a well, suffering an electric shock and losing consciousness. At a clinic, she regains consciousness and claims she does not remember anyone from the troupe and that she is the wife of a wealthy businessman named Mahendra Varma. The troupe informs Mahendra Varma, who brings her home. Later, she calls Gopalakrishnan and says she intends to kill herself, sending the troupe rushing back to Mahendra Varma’s house. By the time they arrive, she has lit herself, and they can only watch as she dies.
Three months later, the troupe is in Mangalore when Balakrishnan spots Meera on the roadside and they narrowly escape a hostile crowd. Meera reappears at the troupe’s house, and Mathai suspects she is a ghost. She reveals that she is not dead and that her real name is Stella Fernandez, while “Meera” was the name of Mahendra Varma’s real wife who died that day. Stella Fernandez explains that Meera didn’t commit suicide but was killed by Mahendra Varma. He then hired Stella, a criminal who operates under many names and disguises, to pose as Meera and to manufacture evidence of suicidal tendencies.
Stella recounts how she met Mahendra Varma in a jewelry shop, where she got caught stealing. She tried to save Meera but failed, and together they plot revenge and a bid to bring Mahendra Varma to justice.
The danger escalates as Mahendra Varma kidnaps Gopalakrishnan’s mother and uses the leverage to force Gopalakrishnan to bring Stella to him. Ramji Rao also surfaces and kidnaps Stella, demanding ransom. Caught between the two kidnappers, Gopalakrishnan must navigate a dangerous path to rescue both his mother and Stella. In a comic moment, Mathai handles a money-filled suitcase and drinks during the fray, while Gopalakrishnan and Balakrishnan devise clever schemes to save them both.
Garvasees Aashan arrives with his gang to exact revenge for the incident that hurt him, threatening to break Gopalakrishnan’s leg. Gopalakrishnan tricks him by claiming they are rehearsing a drama, resulting in a clash between the rival gangs—Ramji Rao’s gang and Mahendra Varma’s gang. In the chaos, Garvasees Aashan accidentally strikes Mahendra Varma, who tumbles from the top of a building and falls onto a truck driven by Ramji Rao, who then drives off, leaving the fates of the two men hanging in the air.
