The 92-year-old Mantri, played four Tests for India between 1951 and 1955. He featured in 95 first-class matches, scoring 4,403 runs at an average of 33.86.
In his four Tests, the wicketkeeper-batsman scored 67 runs with a highest of 39. His Test debut was against England in December, 1951 at his homeground - Mumbai's Brabourne Stadium.
Mantri, the maternal uncle of former India captain and batting legend Sunil Gavaskar, was also a national selector and president of Mumbai Cricket Association.Mantri was a bachelor.
Mantri's four Test matches were, one in India (1951), two in England (1952) and his last in Dhaka (1954-55 in the then East Pakistan), compiling 63 runs and accounting for 8 catches and a stumping.
His most impressive performance with the bat in Tests was a 75-run partnership. He made 39 and also put on as opener with Pankaj Roy in the first Test in England on the disastrous 1952 tour in which India lost all four games.
Mantri was also a former national selection committee member - between 1964-65 and 1967-68 when Dutta Ray was the chairman - and also accompanied the Indian team as manager to England in 1990 when the team was led by Mohammed Azharuddin. He was also a former chairman of Saraswat Bank.
Several former cricketers and commentators mourned the passing away of Mantri.
Former Test players Bishan Singh Bedi and VVS Laxman took to Twitter to pay their respects to Mantri. Bedi tweeted: "Yes MMantri was indeed a gr8 specimen of crkting Gentleman,disciplinarian 2 the core!Few mod crktrs wud know Mantri's Crkt!."
RIP Madhav Mantri sir— VVS Laxman (@VVSLaxman281) May 23, 2014
When his little nephew was playing with his India cap,Mantri told his nephew,"the Cap has to be earned"Gosh didn't he take that seriously?— shishir hattangadi (@shishhattangadi) May 23, 2014