He was 93 and is survived by two sons and a daughter.
Sarathy was the former sports editor of Indian Express and after superannuation he took up the same post in the now-defunct Mumbai morning tabloid 'The Daily'.
He was also a former president of the Sports Journalists Association of Mumbai and the Sports Journalists Federation of India.
Sarathy was well-known for his acerbic wit and no holds barred pithy comments during coverage of sports, both on and off the field.
Sarathy was also a radio commentator on games like hockey and football. Among the major events he covered was the 1986 Asian Games in Seoul.
The final rites are to be held later today.