Rainbow Quiz - Identify the personality - Week 40

Here is the next weekly "Rainbow" quiz , where I would be giving 7 clues (Hence the name Rainbow) about a personality. Try to discover the person in the least number of clues . You can either leave the answer as a comment / email me . Feedback/ suggestions welcome. Googling is not preferred but then its just for fun and so go ahead if you need to.

clue # 1 : "X" came from a very rich family in Punjab .

clue # 2 : "X" joined the film industry in 1966 after winning an All India Talent Contest jointly organized by United Producers and Filmfare. However, his film debut went unnoticed.

clue # 3 : He shot to fame in the early 70's, with consecutive hits and was hailed as the first superstar of bollywood.

clue # 4 : During his heyday he would be mobbed during public appearances. Fans kissed his car, which would be covered with lipstick marks, and lined the road, cheering and chanting his name.

clue # 5 : However, in the late seventies he hit a rough patch with a string of flops. His personal life also suffered when he separated from his wife in the early 80's.

clue # 6 : He entered politics and was elected to the parliament in the 90's.

clue # 7 : Currently he is busy in processing his own music channel.

Easy one. Who is X?