He was 60 and is survived by wife, two sons and a daughter.
Waingankar, a close friend of former India captain Sunil Gavaskar with whom he toured Sri Lanka as members of the Combined Universities team in 1970-71, was not keeping well for the last few months, according to MCA sources.
Former India opener Kenia Jayantilal, who was also on the same tour, recalled that Waingankar was a "fast bowler".
Waingankar was joint secretary of MCA between 2007-08 and 2010-11 when Sharad Pawar was at the helm.
The funeral is scheduled to be held today afternoon.
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