The script for the new movie is penned by Bhavesh Mandalia, who had earlier written "OMG - Oh My God!", directed by Shukla.
"There is no truth to reports of Umesh Shukla co-directing a film with Girish Joshi," Shukla's spokesperson said in a statement.
"Umesh is a thorough professional and though the film did come to him, he was completely tied up with his prior professional commitments and wanted to give them his complete focus," the spokesperson added.
Shukla has wished the "extremely talented" and "very dear friend" Girish Joshi good luck with the film.