The event also saw a live performance by Big B and Dhanush, apart from other singers and music composers.
"Thank you for whatever you have given to this industry. I am your devoted fan. Your music is a big inspiration. I am not a trained actor, but accidentally became an actor... It is because of your music that I have made it so far. My every inspiration comes form your music," Dhanush said.
R.Balki, however, clarified that 'Shamitabh' was not Ilayaraja's 1,000th film. "Director Bala's film is the 1,000th film of Ilayaraja," he said.
Presented by Eros International and produced by RK Damani, Sunil Lulla, Gauri Shinde, Rakesh Jhunjhuwaala and Abhishek Bachchan, "Shamitabh" starring Big B, Dhanush and Akshara Haasan is scheduled to release Feb 6.
Besides the star cast, Aishwarya Rai Bachchan, Jaya Bachchan, Shruti Haasan and Tabu were among others who were present at the event.
"It's an honour to be present here with the wonderful talent around us. Thank you for giving us this opportunity Raja sir," Abhisehk Bachchan told reporters.
"Thank you very much. It's an absolute honour to be present here. We have enjoyed your music. Thanks to the team of 'Shamitabh.' Thank you all the legendary icons. I have the pleasure of calling one of them Paa," Aishwarya Rai Bachchan said.
Big B sat with Rajinikanth and Kamal Haasan after felicitating Ilayaraja and shared their experiences working with one of the leading music composers of the Indian film industry.