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Parekh, 79, will be presented with the award during the 68th National Film Awards ceremony, to be held on Friday.
Hema Malini also talked about a time when she dozed off while speaking to Dharmendra.
On persistent demands, he repeated his famous dialogues from 'Sholay'.
Veteran actress Hema Malini, 70, had bid adieu to movies since a while and now has her full focus on Lok Sabha elections 2019.
'If I want to I can become that in a minute, but I don't like to be tied up,' the BJP MP said.