51-year-old Shrivastava, who was fighting a relapsed cancer, passed away post midnight at the Kokilaben Dhirubhai Ambani hospital here.
The funeral will be there at at 12.30 pm at Oshiwara crematorium, sources said.
Shrivastava had been undergoing cancer treatment at the hospital in Andheri for over 40 days.
He is survived by wife Vijeta Pandit, former Bollywood actress and sister of music-composer duo Jatin- Lalit, and their two sons -- Anivesh and Avitesh.
Over the course of his career, Shrivastava had composed music for over 100 Hindi films including hits like "Chalte Chalte", "Baabul", "Baghban", "Kabhi Khushi Kabhi Gham" and "Rajneeti".