After being put into bat first, Aamir Khan XI made 246 allout off their 30 overs with middle order batsman Mohammed Kaif top scoring with 108 off 64 balls with 16 fours and three sixes.
Zaheer Khan (44 off 21 balls with four fours and an equal number of sixes) and Sunil Shetty (21) were the other main contributors.
Srinath (two for 13) and Arbaaz Khan (two for 16) were among the wicket takers.
Sehwag gave Kapil Dev XI a flying start and his 84 contained 12 fours and four sixes and when Srinath and Kapil Dev came together they needed 20 runs off the last two overs which they reached the target with a single ball to spare.
Brief scores: Aamir Khan XI 246 allout off 30 overs (M Kaif 108, Z Khan 44, J Srinath two for 13, A Khan two for 16) lost to Kapil Dev XI 247 for five (V Sehwag 84, J Srinath 48 not out).