Sanjay Shah, CEO of software company Vistex, and Vishwanath Raju Datla, the company's chairman, had descended on stage in an iron cage intended to recreate the appearance of the hot air balloon's gondola when a cable appeared to be broken. and both fall 15-20 feet from the ground.

Shah died from his injuries. Raju Datla was in critical condition until Saturday evening, The Times of India reported.

The incident was filmed.

The evening was supposed to be a celebration for Vistex, which was celebrating its 25th anniversary.^th birthday. Shah founded the multinational company in 1999. Nearly 700 people attended.

Indian police are investigating whether the venue that hosted the event, Ramoji Film City Studios in Hyderabad, was negligent in the accident. A complaint from Vistex reportedly said it took event organizers nearly 20 minutes to organize an ambulance to transport the injured to the hospital. Raju Datla was taken away in a private car.

Shah, 56, built a company that now has 20 offices around the world and more than 2,000 employees. Vistex specializes in revenue management software offerings.

Tributes to Shah poured in on LinkedIn.

“Sanjay was a mentor, pushing you to your limits (and sometimes even a little beyond), and that made each of his employees stronger,” wrote Beth Schweibinz, who worked at Vistex for over 14 years. “I would not be where I am today without his support and guidance and I know that is true for many current and former Vistex employees. …It’s not his brilliant mind that I will remember most, it’s his infectious laugh. At company events, I would often hear him laughing across the room and I couldn't help but smile.