While he said the film would be fictional, he made several comments on Jayalalithaa and Sasikala.

Ram Gopal Varma registers film title Shashikala to be on the dearest friend of a politicianPTI
Flix Politics Friday, December 16, 2016 - 17:42

Bollywood director Ram Gopal Varma, who is fond of creating storms in teacups on his Twitter handle, tweeted on Thursday that he'd registered a new film title called "Shashikala" and that it would be about "the story of a very dearest closest friend of a politician and completely fictional".

He added in further tweets that it would be a "very very sincere from the heart Tamilian love story". He also said that while he respected Jayalalithaa a lot, his respect for Sasikala was higher.
According to RGV, seeing Jayalalithaa through Sasikala's eyes would be far more interesting than seeing Jayalalithaa through her own eyes. 
As is only to be expected, Twitter burst into laughter and took a few digs at "Chinnamma" in the process.