Rao, Governor of Maharashtra who is holding additional charge of Tamil Nadu, would be soon handing over the mantle to Banwarilal Purohit, who was appointed as Governor of Tamil Nadu on Saturday.
The state government described the meeting as a "courtesy call", adding, the two leaders honoured Rao with shawls and bouquets during their meeting at the Raj Bhavan.
Rao took charge in September 2016, days ahead of the hospitalisation of late Chief Minister J Jayalalithaa in the same month.
His stint also witnessed a split in the ruling AIADMK, following which Palaniswami took over.
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Later, the rebel faction headed by O Panneerselvam merged with that of Palaniswami. Panneerselvam was since made the Deputy Chief Minister.
Further, following the August 22 revolt of 19 MLAs owing allegiance to sidelined AIADMK leader T T V Dhinakaran against Palaniswami, the opposition, including DMK, made a beeline to the Governor's residence.
They had repeatedly urged Rao to direct a floor test of the Palaniswami government, contending "it had lost majority."
Later in the day today, MDMK founder Vaiko also met Rao.
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