Heroic Bangladeshi "Mukti Bahini" freedom fighters forcing a Pakistani soldier to surrender after killing his colleague. The airplanes attacking a Pakistani war ship are probably supposed to be Indian.
This is a very typical painting found on the back of a rickshaw seat in Dhaka.
The "New Zenith" was obviously a house boat catering for tourists. In 1977 Kashmir was still very quiet and tourism was the main business. Since the late 1980's the state has been plagued by a kind of civil war,