Amidst strictly enforced curfew by Bombay Police during December 1992 following Hindu-Muslim riots, Suryakant - one of four siblings from Malad's Malvani slums, heads home. While doing so, he reflects on his childhood; his sisters: Devi and Rajni; brother Chandrakant; his dad, Shashikant, as well his mother; his expertise with the Carrom-board; run-ins with extortionist-goon, Jaleel Khan; his friendship with Zaid Khan; his crush on Noorie as well as his plans to find employment in Dubai; why he could not attend Devi's marriage, as well as the tragedy that awaits him.

Phase Gaye Re Obama is a comedy set against the backdrop of global recession/meltdown that originated in USA. The film traces the journey of OM Shashtri, an American citizen of Indian origin, who loses all his wealth overnight to the global recession & has been asked to vacate his home by the bank unless he pays up $100,000 (mortgaged amount) within 30 days. Seeing no other option Om comes to India to sell a small piece of an ancestral property. But within days of landing in India he is kidnapped by a 'recession-hit' underworld gang those who think that he is still a millionaire. What happens to Om, is he able to save his home, how did the 'poor' gangster cope with their 'poor' catch & what do small town Indian gangsters have to say to President Obama...is largely forms the rest of the story. The film, showcases how global recession/ meltdown impacted...