Vistex CEO Sanjay Shah and its president, Vishwanath Raju Datla, were being lowered on to the stage in an iron cage designed to look like the gondola of a hot air balloon when a cable appeared to snap, a video posted by The Times of India showed.

The two men can be seen falling out of the cage and plunging about 20 feet to the stage.

The incident occurred on Thursday at the Ramoji Film City studios in Hyderabad at an event to celebrate Vistex Asia’s silver jubilee.

Shah was treated in hospital but later died, outlets including CBS News reported. His colleague suffered multiple injuries and remained in a critical condition until late Saturday, according to unnamed sources reported by The Times of India.

Vistex has made a complaint to police about a lack of safety measures at the venue and officers are investigating, per the outlet.

Shah, 56, was the founder of Vistex and CEO of the revenue management software firm for 25 years. The Illinois-based business has 20 offices around the world and more than 2,000 staff, per its website. 

Friends and associates posted messages of condolence on LinkedIn after the news emerged.

“I am shocked and deeply saddened with the tragic demise of good friend, entrepreneur, philanthropist and Indiaspora member Sanjay Shah,” one LinkedIn member wrote. “He was a lovely human being who led with quiet confidence and gave back generously including building a world-class hospital in India. He will be sorely missed! May his soul rest in peace. Om Shanti!” 

A former Vistex employee wrote that Shah was “fun and close to all the Vistex team and a truly inspiring leader,” adding: “My deepest condolences to family and friends and to all the company, to which I still feel, somehow, part of.”

Vistex didn’t immediately respond to a request for comment from Business Insider, made outside normal working hours.