Speaking at a hotel in suburban Mumbai, Mr Bachchan recalled the time when he and his family were facing allegations on the Bofors scandal. Balasaheb, Mr Bachchan said, had called him over and asked him a question.
"(He said) 'Tell me whether what is happening is right or not and tell me the truth'. I said, 'Balasaheb there is no substance in this'. He asked, 'Are you telling the truth'. I said yes. He said 'Don't be scared'. He then told me to stay indoors as a storm was brewing outside. 'And when the storm subsides, walk out with your head held high and I will walk with you'," Mr Bachchan said.
Balasaheb, Mr Bachchan said, had even helped save his life after the near-fatal accident on the sets of the film "Coolie" in 1982.
"I was brought from Bangalore to Mumbai. It was raining and there were no ambulances available. At that time, it was the Shiv Sena ambulance which came to take me to the hospital," Mr Bachchan said.
After his marriage to Jaya Bachchan, Balasaheb had invited him and his wife to his home, Mr Bachchan said. It was hard for him to see the ailing leader before his death in 2012, Mr Bachchan said.
Balasaheb Thackeray, who had formed the Shiv Sena 1966 to advocate for the interests of Maharashtrians in Mumbai's political and professional landscape, died at the age of 87. The news of his death brought Mumbai came to a virtual halt. Shops and commercial establishments had shut down and thousands of police and paramilitary personnel had to be deployed across the city to keep the peace.
On his fifth death anniversary this year, Maharashtra Chief Minister Devendra Fadnavis dedicated a proposed site for the memorial of the Shiv Sena founder.
The biopic on Balasaheb Thackeray is being made by Shiv Sena's Rajya Sabha lawmaker Sanjay Raut, in which Nawazuddin Siddiqui will play the lead role.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.