This is the cover of Padgaonkar's book 'Udasbodh' (उदासबोध) by Vasant Sarwate (वसंत सरवटे). It features caricature of the author.
Sarwate talks about it in his latest book 'Samvad Reshalekhakashi' (संवाद रेषालेखकाशी), 2012:
"....Padgaonkar was little stunned seeing himself wearing a loincloth and expressed it to the late S P Bhagwat , Bhagwat said 'lucky at least a loincloth is shown!'..."
("...आपल लंगोटीधारी व्यक्तिमत्व पाहून पाडगांवकरांना जरा धक्काच बसला व श्री पु भागवतांशी तसे ते बोलल्यावर भागवत म्हणाले होते 'नशीब लंगोटी तरी दाखवलीय!'...")
I was impressed with Bhagwat's sense of humour.
I wish Jaywant Dalvi (जयवंत दळवी) 'Thanthanpal' (ठणठणपाळ) were to be alive today. I wonder what he would have come up with on Mr. Padgoankar. Thanthanpal was very fond of Padgaonkar.
Finally, I too am glad that Sarwate showed the loincloth. You can't show a Padma awardee without one, can you?