Thank you everyone for your encouragement. It meant a lot!
I understand that colorizing is a tedious job. Frame to Frame colorization takes place. That is why they make mistakes. I'm talking about MEA and ND.
Whereas in HD, they did an extremely shoddy job. Most of the B/W content was visible. The backgrounds always looked grey and black. Even skin tones, as you said, Mr. Rana.
Their choice of colors also sucked. The characters' lips were colored badly (black, brown, purple)
and they claimed to be "professionals" and "better than the MEA colorization team".
TBH, Naya Daur colorization was the best. Looked sharp, crisp and natural. But at someplaces you can easily see grey and black shades (watch the last dance scene)
But MEA didn't look natural, but I didn't see any grey and black shades.
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What I did to this pic :
• I took the colored frame from the movie
• Sharpened it using Photo! Editor (manual deblurring) and I got great crispness.
• Increased the gamma and brightness (since this shot was from a bright, sunny day) and then the contrast to set it right (so that the whites look white and the blacks look black)
• Added warmth, increased the saturation and made the tint slightly pink to enhance skin tones and to get rid of the minute gray and black tones
• Removed the black bars and got the aspect ratio of 1.78 (I bet Shemaroo has cropped the sides slightly

) and made the shot 16:9 ensuring no distortion