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Actor has also penned the script for his new film
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The news was announced on social media by a Bollywood trade analyst.
The award recognises a woman who is a leader in the film industry and has made a positive impact for women throughout her career.
First instalment had been remade in Hindi, Tamil, Kannada and Telugu
'High-octane father-son drama' will be directed by Nanda Kishore
The filmmaker was best known for directing Salman Khan-starrers
All the buzz around the film can't mask a sometimes corny, often clunky script.
It's billed as a homage to master filmmaker Guru Dutt and 'Kaagaz Ke Phool'.
He is best known for Salman Khan starrer 'Sanam Bewafa' and 'Souten' starring Rajesh Khanna.
Telugu actor stars alongside Ananya Panday in the action movie out in UAE on August 25