The film, whose shooting will commence in a few months, will be co-produced by his son Puneet Mehra, who has completed a diploma in direction from London.
The soft-spoken and unassuming Puneet, who last assisted director Vikram Bhatt in the recently released "Elaan" and the yet-to-be-released "Jurm", will also assist director Kaushik in the new film.
"I am looking forward to a career in direction but I'd rather time speaks for itself," Puneet said.
"He is qualified and talented enough to take on the mantle of taking the banner further and restoring its name," the senior Mehra added.
According to him, Kaushik is likely to finalise one of the two scripts that are under consideration.
"One of the subjects has been conceived by Kaushik himself, while the second one is a hard-hitting story that I have been wanting to make for a long time. We will jointly decide the cast of the film," Mehra said.
According to Mehra, the banner was seeing its real revival after a gap of 22 years, during which it last produced Puru Rajkumar's launching pad "Baal Brahmachari" and the Naseer-Rekha-Arshad starrer "Mujhe Meri Biwi Se Bachaao", both of which were uneventful at the box-office.
Mehra has, however, abandoned the plan of launching his other son Sumeet, a management graduate and a theatre student, in films. Sumeet was to make his acting debut in a film to be directed by Kabir Lal.
"Sumeet did have the looks and the talent, but I did not want him to let go of his education and enter an arena where he would be at the behest of other directors or remain a one-film wonder. It would have meant an insult to his intelligence and qualifications," Mehra explained.