According to sources, the shooting for the song was scheduled to start on Sunday with actors Amitabh Bachchan and Rishi Kapoor. The song has been composed by Mr Bachchan.
Mr Shukla said, "Yes, as a mark of respect to the sudden and untimely demise of our legendary actress Sridevi, we decided to cancel our today's song shoot of 102 Not Out. May God give peace to her soul and strength to her family."
There is no word on the next date for the shoot.
Sridevi, 54, died of a cardiac arrest in Dubai late on Saturday night. She was in Dubai to attend the wedding of actress Sonam Kapoor's cousin Mohit Marwah, along with husband Boney Kapoor and younger daughter Khushi.