And, as a seasoned media watcher, he thinks that the media, particularly TV, is unnecessarily creating hype and losing perspective.
"If I can do both theatre and films or many more things at the same time, why not? And I have been fortunate to do that. I'm not going to reject one for the other," Amol told in an interview.
Very few know that Amol is an adept painter as well.
"You must be familiar with M.F. Husian. Whenever he meets me, he asks me about my painting and not about films and theatre."
Amol, who immortalised the middle-class youth of the early 70s in films like "Rajnigandha", "Chhoti Si Baat", "Chitchor" and "Golmaal", has, sadly, stopped acting.
Ask him what was keeping him away from the silver screen, Amol said jovially: "I always say that its nice to hear, 'Why don't we see you', rather than listening to 'Why the hell do I see you'. So, I guess it is better to be missed."
He may not be visible on the big screen, but off-screen he is very active with his filmmaking and his latest creation is "Thaang" (Quest).
However, what keeps him on his toes is his passion for theatre.
An alumna of J.J. School of Art, Amol started with the Marathi experimental stage with Satyadev Dubey and later in 1972 formed his own group Aniket. He introduced Theatre of the Absurd in Maharashtra and a street theatre-inspired mode of staging plays. He recently organised a theatre festival in Maharashtra.
"We had Ratan Thiyam to come and do complete retrospective of his plays. He performed in the Manipuri language, which the audience did not understand, yet it was a packed houses because Ratan's work is vibrating and exciting.
People find it exciting because they experience something which they have never seen before... This is the kind of passion and this is the kind of response for theatre in Maharashtra."
Commenting upon the Indian theatre scene, he said: "When one talks of theatre in India, it's too vague a thing to talk about... because there are states where theatre is extremely lively... like Maharashtra, the state I belong to, or West Bengal.
So, if you see the theatre there, it is an essential part of your life and keeps growing, youngsters keep doing different kind of experimentation.
"But if you look at states which have no tradition of theatre, you will be disappointed."
Amol feels Indian theatre is as exciting as Western.
"If you see what renowned theatre personality Ratan Thiyam performs, it is as exciting, as innovative as anything done anywhere in the world.
"Our country has the tremendous strength of being different and diverse and yet being one... The same kind of unity and diversity is visible in theatre."
Amol was very critical of the media.
"There are certain sports which are hyped much beyond a logical explanation, and there are certain sports and players like Vishwanathan Anand, Geet Sethi - they don't get the kind of hype which cricketers get. Even in cricket, women's cricket doesn't get the same kind of attentions. So, it is time that all of us should look at this and have a proper perspective.
"All I'm saying is that it is for the media to realise the kind of hype they are creating, whether they themselves are falling prey to it. Do you think it is realistically possible for every channel to have exclusive stories?
No, because the story is the same. What is the perspective you give to that story is the exclusivity. But we are losing this perspective and all of us need to have a look at so-called hype... I think we have forgotten to read between the lines."
He also feels saddened by the ignorance of the new generation.
"Just the other day I was in JJ School Of Arts. It has completed 150 years and there were lots of celebrations and I was also invited.
"Someone asked me about the college, I said that this institution has given so much and I think I'm extremely fortunate to be taught by such stalwarts. I rattled off names like - Shankar Palshikar, Sambhaji Kadam and Baburao Sadavelkar. I also said that outside the college I was fortunate enough to have K.H. Ara (painter) who gave me so much love and affection.
"But these names didn't mean anything to that person. It's really sad."