The film is based on William Shakespeare's "Macbeth", with the Mumbai underworld as its backdrop. Miyan Maqbool (Irrfan Khan) is the right-hand man of Jahangir Khan (alias Abba Ji) (Pankaj Kapur), a powerful underworld don. Maqbool is grateful and feels a close connection and personal indebtedness to Abba Ji. Seeing their close relationship, but also sensing Maqbool's ambition, two corrupt policemen (Om Puri and Naseeruddin Shah) predict that Maqbool will soon take over the reins of the Mumbai Underworld from Abba Ji.