The festival, titled 'Dilip Kumar Hero Of Heroes', will be held on December 10 and 11, the not-for-profit organisation, founded by filmmaker and archivist Shivendra Singh Dungarpur.
Dilip Kumar was the Nehruvian hero who embodied the hopes and dreams of a new India and went on to become a star that glittered brightly in a series of hits over seven decades.
"There's one actor whom I miss and I really wanted to work with. I really held his hand and begged him but he had decided not to act, Dilip Kumar sahab. I wanted to make 'Thevar Magan' with him,"
The fans expressed their anger on Twitter, slamming the Academy for omitting the two Indian legends.
The celebrations for Dilip Kumar's 95th birthday will include some of his relatives and close friends., but will be restricted.
Veteran actor Dilip Kumar has been treated for the mild pneumonia he was suffering from and is much better now.
Actor-filmmaker Kamal Haasan has wished legendary actor Dilip Kumar a warm welcome back home after a week's stay at a hospital for kidney-related problems.
Dilip Kumar was last seen on the big screen in 'Qila' in 1998, the actor was honoured with the Dadasaheb Phalke Award in 1994.
Dilip Kumar, 94, who was undergoing treatment for kidney-related problems at the Lilavati Hospital is feeling better and is discharged.
The two veterans exchanged tweets on Eid.