Plot

A small-time gangster named Chandu teams up with Malik, a low-level enforcer for a criminal syndicate. Together they eliminate all their enemies, becoming the most feared gangsters in Mumbai.

Mallik is a henchman of Aslam Bhai, a Mumbai underworld kingpin. He inducts local hothead Chandu into the gang, and the two of them soon form a formidable faction within the gang, eventually displacing Aslam. As the empire grows, however, the two of them start drifting apart.—Joyojeet Pal

Under the leadership of underworld Don Aslam Bhai (Madan Joshi) flourishes a criminal empire in Bombay. His close associates are Mallik (Ajay Devgan) and Chandrakant alias Chandu (Vivek Oberoi). Awaiting the right opportunity, Mallik and Chandu take over from Aslam, and become the two heads of his criminal empire. Times change, and the two also decide to change with the times, and legitimize their empire to a very large extent and call it "Company". Differences arise between easy-going & emotional Chandu and the technical & matter of fact Mallik. A lot of missundersatandings develop between once very good friends, Chandu loses ground and face. He decides to take matters in his own hand & set things right. He breaks away from the gang, and as a result a war results between those loyal to him on one side, and those loyal to Mallik, on the other. Mallik's forces prove to be stronger, Chandu must decide if he compromise with Mallik or go on the right path.—rAjOo (gunwanti@hotmail.com)

Malik (Ajay Devgn) manages the Aslam Ali (Madan Joshi) gang of the Mumbai underworld. Malik is smart, grew the business and got close to Aslam, a fact which is not liked by the old timers in the gang. Saroja (Manisha Koirala) is Malik's mistress. Malik's crew includes Yadav (Ganesh Yadav), Joseph (Rajpal Yadav), Akram (Mukesh S. Bhatt) and Vilas Pandit (Akash Khurana) who is a trusted advisor to Malik.

Chandrakant 'Chandu' Nagre (Vivek Oberoi) joins the Mumbai underworld; Chandu is arrogant and confident. His crew includes Koda Singh (Vijay Raaz), Warsi (Manoj Goyal), Pappu (Noor Mani), Krishnan (Ashraf Ul Haq). Chandu lives with mom Ranibai (Seema Biswas). From the beginning Malik's crew has friction with Chandu's crew. Specifically, between Yadav and Warsi. Chandu gradually learns the trade and increases the gang's profits, leading to his affinity with Malik (Ajay Devgn), the leader of the gang. Chandu shows presence of mind when he refuses to follow orders from the rival gang member Saeed (Rajendra Sethi), who wants Chandu to hand over 6 cases of arms, instead of 4 as instructed by Malik. Police arrives and Saeed takes off, while Chandu gets himself arrested to save the merchandise. Saeed complains to Aslam, who calls Malik and Chandu for a meeting. Saeed lies that Chandu abused him. Malik backs Chandu as he saved the arms shipment, while Saeed ran away.

Malik and Chandu kill Saeed (Rajendra Sethi) and his brother Anis in the rear seat of a car, as they come of the meeting with Aslam. Malik goes on a bloody rampage, killing all of his opponents to take control of the underworld. Inspector Rathore (Ajit Bhagat), who once tortured and abused Chandu in jail, is killed with Malik's permission. Chandu marries Kannu (Antara Mali) after Malik gives him a posh apartment to live in. Akram launches a movie as producer and calls Malik for the Muhurat shot. There is an attempt on Malik's life, but Chandu's alertness saves him. Malik and Vilas track down Surthi, Saeed's man who had ordered the hit.

The Police Commissioner of Mumbai, Veerappalli Sreenivasan (Mohanlal), does his own investigation and finds out that Kenkare (Akshay Verma) was the man who told Surthi when Malik was going to arrive for the Muhurat shot. Kenkare was also close to Saeed but had since aligned with Malik. Kenkare turns police witness and Veerapalli gets arrest warrants for Chandu and Malik. Both are able to escape to HK when a police insider gives them heads up on the impending arrest. They start operating the gang from HK and Saroja and Kannu get very close. Malik gets involved in international operations and leaves Mumbai to Chandu, which pisses Yadav. Vilas suggests bringing in Krishnan so that the gang is not overtly dependent on Chandu, this angers Warsi. Warsi gets drunk and rants against Malik. This news reaches Vilas, who gets Warsi killed in front of Chandu. Chandu blames Malik for bringing in Krishnan to upset the delicate balance.

A politician Home Minister Rahute (Bharat Dabholkar) tries to use Malik's gang to eliminate a popular candidate Patil for the Home Minister's post. The assassination, a staged vehicle collision, takes place in spite of Chandu's objection (Chandu objected since Patil was travelling with his kids) after Malik, not relying on Chandu anymore, gives direct orders. The rift between Chandu and Malik takes place and Chanu leaves the company. Yadav wants to kill Chandu, but Vilas goes to discuss a compromise. Saroja calls Kannu and tells her about the impending hit. So, when Vilas arrives, Chandu shoots him and vanishes with Kannu. Chandu and Malik become bitter enemies.

Chandu hides in Kenya and brings in Koda for a meeting. Chandu sends Kannu back to Mumbai with Koda. Krishnan has now aligned with Malik and has abandoned Chandu. Veerappalli, uses the rift to bring the mafia under control. After Chandu's retaliation for the assassination of Warsi, a lieutenant and Chandu's lifelong friend, two factions of Mumbai's once-powerful gang Company begin a full-scale war. Malik and Chandu kill as many members of their opponents' gangs as possible. Sreenivasan is criticized but he and his men know that since many gang members are being killed, this war is making it easier for his department to dispose of Malik and Chandu.

The war results in an intense chase in Kenya, during which Malik hires hit-men to kill Chandu, who is severely injured but survives (after being arrested by Kenyan police). Chandu is in the hospital when he orders Koda to kill Malik, whatever it takes. Chandu gets Krishnan killed. Kannu meets Saroja and via her meets Malik to beg for Chandu's life. Kannu is killed when Malik refuses to budge and Kannu shoots at Malik (and Saroja comes in the way). Saroja tells Malik that that day when Chandu killed Vilas, she had called Kannu and told her that someone was coming to kill Chandu. So CHandu only acted in self-defense.

Sreenivasan persuades Chandu to come back to Mumbai and fight his war with Malik by helping the police bring the mafia under control. Malik sends a message of truce to Chandu in prison via Ranibai.. Chandu kills Rahute who ordered the contract killing, in prison. Rahute was afraid that Chandu would expose him and had gone to prison to threaten him.

Chandu and Malik come to a truce, but Chandu never withdraws his order to Koda to kill Malik. Koda kills Malik at point-blank range in Hong Kong and is immediately arrested. After the assassination, Sreenivasan notifies Chandu, who is shocked at this news. Chandu then spends the rest of his life in prison after being persuaded by Sreenivasan to surrender. Yadav tries to run the company by himself, but fails, and the company splinters, Saroja remains in HK and opens a boutique.