The legends were at an event to felicitate 10 eminent names from the Indian music industry as part of the launch of a "Music Special" of the 23rd edition of Limca Book Of Records.
While Bhosle was among the 10 People of The Year title winners, Shankar, who sported long white locks and a white beard a la Tagore, was invited as the chief guest to give away the awards.
Bhosle was ecstatic to receive the award from Shankar.
"Guinness was a big record, and I keep getting several awards in my life. But this honour is perhaps the biggest because I have had the privilege of getting it from Panditji," said the 78-year-old, who has reportedly recorded up to 11,000 solos, duets and chorus-backed songs in over 20 Indian languages since 1947.
"Sometimes god makes one person very special, and then forgets how he made that person. Panditji is one such god's creation... he is unmatched. There was never anyone like him, and there won't be anyone like him. So the value of this award is much more for me than any other.
"I have met him after very long... and after seeing you... I felt like I've met Tagore... Rabindranath Tagore," she said.
Shankar was in a jocular mood, and quipped how thankful he was for being given a chance to be the "award-giver" for a change.
"This is a new role for me. I have always been at the receiving end of awards. But it's great that at the age of 92, I have been given the great pleasure of giving awards to such fantastic artists... my heartfelt blessings to all and congrats to me for my first venture as an award-giver," said the sitar maestro, who was accompanied by his daughter Anoushka.