Mali, who was in his 60s, passed away at the Nanavati hospital in Mumbai.
Relatives have not confirmed the reason behind his death.
Mali was cremated in the presence of family and friends at the Shivaji Park, Dadar crematorium on Monday evening.
Daughter Antara was present and she was accompanied by actress Sharbani Mukherjee and filmmaker Ashok Pandit.
Mali's last rites were performed at 6 p.m.