Chief Minister Prithviraj Chavan, several state ministers, Union Ministers Rajiv Shukla and Milind Deora were among those present on the occasion.
Deshmukh's family members including wife Vaishali, sons Amit, Riteish, Dheeraj and daughters-in-law Aditi, Genelia, Dikshika, and brother Diliprao accepted condolences.
Several Bollywood figures including Vilasrao's old friend Subhash Ghai, Salman Khan, Pankaj Udhas, Poonam Dhillon, Suniel Shetty, Juhi Chawla, Chunky Pandey and Poonam Sinha were among those from the film fraternity who paid their last respects to the senior Congress leader.
The prayer meet was held at the NCPA auditorium in south Mumbai this evening.
Deshmukh passed away at a Chennai hospital on August 14 and was cremated at his village Babhalgaon in Latur district the next day.
Prime Minister Manmohan Singh and Sonia Gandhi were among those who had attended the last rites.