The fair use defence is recognized in India in Section 52 of the Indian Copyright Act of 1957. In order to establish the fair use defence in India, a parodist has to satisfy two conditions: (i) he/she must not intend to compete with the copyright holder and (ii) he/she must not make improper use of the original. (See also Saha, Rahul, Mukherjee, Sryon, "Not So Funny Now Is It? The Serious Issue of Parody in Intellectual Property Law" [2008] INJlIPLaw 4)
As a result, the legality of parodying famous logos shall be determined on a case-by-case basis, depending on the manner you indeed to do so, and the extent of its commercial usage. I suggest you to seek legal consultation from an IP lawyer and consider the option to obtain a permission from the rights-holders before taking action.