"Subhashji will be conferred with the lifetime achievement honour for his outstanding contribution to Indian cinema," Sabbas Joseph, director, Wizcraft International Entertainment, the organisers of IIFA, told IANS over phone from Mumbai.
The award, called Outstanding Contribution to Indian Cinema, will be handed over to the filmmaker on the awards night June 7.
"Lifetime achievement... sometimes for many people, it signifies the end of a person's career whereas we have people who continue to contribute in a large way. That's why 'outstanding contribution' seems more appropriate," said Joseph.
The 70-year-old filmmaker, who has also made movies like "Hero", "Karma", "Saudagar", "Khalnayak" and "Pardes", is these days mostly tied up with activities at his Whistling Woods International Film School.
His last directorial "Kaanchi: The Unbreakable" released last year and bombed at the box office, and now he is co-producing the remake of his film "Hero".