Organised on the occasion of Dinanath Mangeshkar's 69th death anniversary by Shiv Sena's Thane city legislator Pratap Sarnaik, the programme was also attended by party executive president Uddhav Thackeray.
Thackeray presented Lata an idol of master blaster Sachin Tendulkar as it happened to be his birthday Sunday.
An emotional Lata thanked Thackeray for the honour and said that it was after 25 years that she was visiting Thane, some 40 km from Mumbai.
"I am coming here after 25 years and I thank everyone who took the trouble to invite me here, " she said.
Also present on the occasion were Meenatai Mangeshkar, Asha Bhonsale and Usha Mangeshkar, Lata's sisters.
Bollywood actor Dharmendra and vocalist Ustad Gulam Mustafa Khan were conferred with the Master Dinanath Mangeshkar award for their contribution to the entertainment industry at the function.
"I remember, I was only 13 when my father passed away. Initially I used to pay him tribute on his death anniversary alone by singing songs that he taught me, " said an emotional Lata.
"It was in 1989 that we constituted the Dinanath Mangeshkar Smruti Pratishthan following which we constituted the special award, " she added.