To answer this question, we need to have knowledge about the first ad of Pepsi featuring Shahrukh Khan and the model who appeared with him.
Option A) Mahima Chaudhary - This option is incorrect because Mahima Chaudhary did not appear in the first ad of Pepsi featuring Shahrukh Khan.
Option B) Juhi Chawla - This option is incorrect because Juhi Chawla did not appear in the first ad of Pepsi featuring Shahrukh Khan.
Option C) Sandali Sinha - This option is correct. Sandali Sinha was the model who appeared with Shahrukh Khan in the first ad of Pepsi. She later evolved into an actress and appeared in movies like "Tum Bin" and "Ab Tumhare Hawale Watan Saathiyo."
Option D) Karishma Kapoor - This option is incorrect because Karishma Kapoor did not appear in the first ad of Pepsi featuring Shahrukh Khan.
The correct answer is Option C) Sandali Sinha. She was the model who appeared with Shahrukh Khan in the first ad of Pepsi and later became an actress.