Those who don't know Lalola was a Argntine telecomedy which ran for around 8 months on American TV. It was about a guy named Lalo who is transformed into a beautiful women after her girlfried does a black magic on him. Lalo now becomes Lola. Lola falls for a guy working in his office named Facundo.
You can check the below link for synopsis.
http://en.wikipedia.org/wiki/Lalola
As per an article i read Aamir Ali will will be playing role of Lalo. So i guess Eijaz Khan will play Facundo while Ragini Khanna of Lola.
Updated
As per TB article Eijaz will be playing the role of playboy.
Eijaz Khan as play boy in Bhaskar Bharti..
Shows starting post IPL
Vandana Shukla/ Hill Road Media
Channels are afraid to air new shows these days as the IPL matches are hogging viewership. But once the league concludes on May 24, TV viewers can look forward to a host of new reality shows and dramas. Here's what to expect:
Bhaskar Bharati
Channel: Sony
Timeslot: It will be a primetime daily
Cast: Aamir Ali, Eijaz Khan and others
Plot: Bhaskar Bharti is partly adapted from the Argentine comedy show Lalola. The story revolves around a girl who takes revenge on a playboy with the help of a witch, turning him into a girl. Slowly, he realises his mistake and decides to improve his behaviour.
http://www.indya.com/gallery/gallery.aspx?aid=202