The film Bombay Talkies , a tribute to the 100 years of Indian Cinema, led by the first directors - Karan Johar, Zoya Akhtar, Anurag Kashyap & Dibakar Banerjee's designation is to unite the Queens of Bollywood (past, present and hopefully the Future).
According to Vaibhavi Merchant (choreographer), directs a song for the movie (Bombay Talkies) celebrating 100 years of Indian cinema. He feels it is a proud moment for the film industry and will be a treat for the audience.
Judging from the tweets of the girls ( Rani, Priyanka, Kareena, Juhi and Madhuri ) seems to have already recorded on different days, which makes it unlikely to see them together in one shot.