Kapoor’s mortal remains were draped in a tricolor and was departed with much respect.
Bollywood celebrities like Amitabh Bachchan, Salim Khan, Shah Rukh Khan, Salman Khan, Aamir Khan, Anil Kapoor, Rishi Kapoor, Randhir Kapoor, Sanjay Dutt, Ranbir Kapoor, Naseeruddin Shah, Nawazuddin Siddiqui, Supriya Pathak, Shakti Kapoor, Saif Ali Khan and Suresh Oberoi among others were present at the cremation.
Son of Prithviraj Kapoor and younger brother of Raj Kapoor and Shammi Kapoor, Shashi Kapoor debuted in Bollywood with the 1961 film "Dharmputra" after working as a child artist.
He was honoured with the Padma Bhushan -- the third highest civilian honour -- by the Government of India in 2011. In 2015, he was bestowed with the Dadasaheb Phalke Award.
He was married to British actress Jennifer Kendal, who died in September 1984.
Shashi Kapoor is survived by daughter Sanjana Kapoor and two sons Kunal and Karan Kapoor.
Shashi Kapoor, who was considered as an embodiment of romance and charm who wooed the top leading ladies of the '70s and '80s on the silver screen and captivated millions of fans, passed away because of a kidney problem.
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"Yes, he has passed away. He had a kidney problem and was on dialysis for several years," his nephew Randhir Kapoor, the son of the late Raj Kapoor, told media.
The actor-producer took his last breath at the Kokilaben Dhirubhai Ambani Hospital on Monday at 5:20 pm.
(With agency inputs)