Other films competing for the coveted award were Mel Gibson's "Apocalypto", Pedro Almodovar's "Volver" and Paul Verhoeven's "Black Book".
The Aamir Khan starred film had earlier failed to get into the nomination list for the Oscar in the best five foreign film category.
Aamir, Mehra and UTV's Ronnie Screwvala were present at the awards ceremony.
The best actor award went to Forest Whitaker for "The Last King of Scotland" and Dame Helen Mirren won the best actress awards for "The Queen". The "Last King of Scotland" also bagged the Best Film award.