The inquiry is underway against Bhat on a complaint by Raj Thackeray's Maharashtra Navnirman Sena (MNS), which has also threatened to beat him up.
Bollywood has also reacted sharply to the comedian's portrayal of the music and cricket icons with many actors slamming the video made by a member of online comedy group AIB, saying it is in poor taste.
Taking strong exception to the video, the Shiv Sena asked Chief Minister Devendra Fadnavis to take stringent action against AIB and Bhat for allegedly seeking to vitiate social harmony by mocking the national legends.
Sena leader Neelam Gorhe wrote to Fadnavis seeking action against those behind the video which she said was made by people with "deranged mentality".
"Such people try to misuse the popularity of icons like Sachin and Lata tai for their own publicity," said Gorhe.
Mumbai BJP president Ashish Shelar said he has spoken to the Police Commissioner and sought action against Bhat and AIB.
In its complaint, MNS demanded that the video uploaded by him be removed immediately.
DCP (Operations) Sangramsingh Nishandar said the inquiry is being conducted by special branch of the city police.
Seeing nothing wrong with the comedy video, Bhat in a
statement asked those viewers who liked it to email their views to him at a particular ID, stating what they liked.
In a couple of tweets, which he deleted later, the comedian even reached out to his detractors.
Bhat started trending on Twitter with the social media slamming the comedian for his "tasteless" jokes.
Censor Board member Ashoke Pandit tweeted, "The video by @thetanmay is a classic example of #CulturalTerrorism in the name of humour & FOE. #TanmayRoasted. It's not only about @mangeshkarlata &@sachin_rt but dignity of every common man which should be protected by these so called #Jokers like @thetanmay."
Author Chetan Bhagat wrote, "You cannot arrest people for making jokes. Even if the jokes are bad. Really."
Noted playback singer Sonu Nigam took to Twitter saying, "To speak about any woman with such indignity, is a sin. And this is Lata Mangeshkar. Hope Karma doesn't do the same to their own Mothers. Prayers."
Director Milap Zaveri, who recently helmed the Sunny Leone-starrer "Mastizaade", tweeted, "Had taken AIB's side during the roast issue and think @thetanmay is very funny. But sadly this time it's in poor taste."
Music composer Vishal Dadlani, of Vishal-Shekhar fame, said the "glory" of both, Tendulkar and Mangeshkar, will not be "lessened" by a "rude" joke.
AIB is known for its irreverent comedy and was caught in a massive controversy over an expletive-laden roast of actors Ranveer Singh and Arjun Kapoor and filmmaker Karan Johar in December, 2014.
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