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Chasing a challenging 193, young sensation Ashutosh played the knock of his nascent career, smashing a 28-ball 61 to keep PBKS in the hunt till the end.
Rohit Sharma's hundred went in vain at the Wankhede Stadium.
The competition was hosted at Punjab Agricultural University in Ludhiana, attracting talented musicians from universities across the nation.
The Royals won by 6 wickets to inflict a third straight defeat on Hardik Pandya-led MI.
Meanwhile, a pitch invader hugged former Mumbai Indians captain Rohit Sharma.
SRH notched up the highest total in IPL history as they made 277/3. A record 38 sixes were plundered in the game and it was also the highest aggregate (523) in a men's T20 match.
Lakshmi also presented the Governor of Kerala, Arif Mohammad Khan, with a special embroidery work featuring his name delicately stitched with thin water hyacinth fibres.
MI failed to break their opening game jinx. The last time they won their IPL opener was against Chennai Super Kings way back in 2012.
Samyuktha Varma, originally from Thrissur, made her debut in movies with 'Veendum Chila Veettukaryangal' in 1999 while she was studying at Kerala Varma College.
Saraswati Samman is an annual award for outstanding prose or poetry in any of the 22 languages of India listed in Schedule VIII of the Constitution of India and carries a a cash prize of Rs 15 lakh, a memento and a citation.