Johar, 42, is playing a negative character in the film.
As a token of appreciation Phantom Films (Anurag Kashyap and Vikas Bahl) sent a cheque of Rs 11 to Johar
"Yes, he has not taken any remuneration, because this film is his 'passion project'. I think the full team will always be indebted to him," Bahl said in a statement.
"We are thankful to Karan for agreeing to do the film. He is absolutely fantastic in his role and we don't have words to describe how proud we are that he chose to debut as an actor with this film," Bahl added.
'Bombay Velvet', a romantic thriller, stars Ranbir Kapoor and Anushka Sharma in lead roles. It is set to release on November 28.