The meeting, which lasted for 10 minutes at Shiv Sena's central office at Dadar in Mumbai, came after Air India, and other airlines, lifted the flying ban on Mr Gaikwad after he expressed regret for assaulting an Air India employee on March 23.
Neither Mr Thakceray nor Mr Gaikwad disclosed to reporters what transpired in the meeting. However, party sources said Mr Gaikwad explained his position over the whole controversy.
Mr Gaikwad, the lawmaker from Osmanabad, arrived in Mumbai by the Rajdhani Express this morning after attending parliament proceedings earlier this week.
The lawmaker boarded the train from Delhi last evening hours after the flying ban was lifted by the national carrier following his letter to Union Civil Aviation Minister Ashok Gajapathi Raju on Thursday in which he expressed "regret" over the "unfortunate incident".
After Air India, the Federation of Indian Airlines, comprising four leading private carriers, today revoked the flying ban on Mr Gaikwad.
Jet Airways, SpiceJet, GoAir and IndiGo make up the grouping.
In a statement, the FIA said its members are restoring the flying privileges to Mr Gaikwad "under the assurance that our assets and colleagues shall be accorded the respect that they deserve for the hard work that they put in every day".
The decision has been taken consequent to Air India restoring flying privileges to Mr Gaikwad after being satisfied with the statement given by him in the Lok Sabha where he expressed "regret" for assaulting an Air India staffer.
On March 24, Air India barred Gaikwad from flying with it after the incident at the Delhi airport. Subsequently, the FIA barred the Lok Sabha member from flying.
On Friday, sources had said the Civil Aviation Ministry asked Air India as well as other airlines to lift the ban imposed on Mr Gaikwad citing the "undertaking of good conduct" given by him.
The 56-year-old Parliamentarian had assaulted Air India employee R Sukumar on March 23 after he landed in Delhi on a Pune-Delhi all-economy flight.