Paanch is the story of five members of a band called Parasites. How they live, fight and stay together in their ordeal of surviving failure. They want to make it in a world where opportunities are hard to come by and when they come they come at a price they can't pay.
In order to get the money they try to pull a trick which turns around on them and the story doesn't remain of the same. Music goes out of their lives, all they want to do is get out of the mess they have created.
It begins when the band member after one performance meets the music agent Amish Ranjan, who is a friend of the only loyal audience they have, Nikhil, Amish promises them the world if they can manage a small amount of five lakhs to get a private recording done which can take them places.
To get the money Luke comes up with an idea. He also rules & the gang to stage a false kidnapping that of Nikhil and ask his miser dad for money. But things go wrong when the dreaded police officer Deshpande come on to the scene and in one of his fits rule puts the blame on Nikhil and Nikhil dies.
How the story unfolds is what is engaging about this movie which was banned as it has a lot of reference to drugs, abuse etc.