Shimit was supposed to direct a big-ticket movie starring the Ishaqzaade actor for Aditya Chopra's banner but due to a combination of reasons, he has been told to drop the idea.
The YRF head honcho was eager to bankroll the film which was in the supernatural zone but suddenly had second thoughts following a series of meetings with Shimit, who then left for Cannes where he won a top prize for an advertising campaign he directed.
A source says, "After listening to Shimit, Aditya pointed out that the film would be 'commercially unviable'. For now, the project is off the YRF map. Their next major two productions include Ali Abbas Zaffar's Salman Khan-starrer Sultan and Vijay Krishna Acharya's untitled project with Hrithik Roshan."
"However, Arjun is likely to do another YRF film which will be announced shortly, " the source added.