Company Mourns Tech CEO Who Died After 'Tragic Accident' at Party: 'An Extraordinary Leader'

"The company's heartfelt thoughts and condolences are with Sanjay's family and all those who knew Sanjay," Vistex said in a statement

<p>Barry Brecheisen/Invision/AP</p> Sanjay Shah

Barry Brecheisen/Invision/AP

Sanjay Shah

A company is speaking out after its CEO died following an accident at a party last week.

Vistex, an Illinois-based software company, confirmed in a statement on Monday that CEO Sanjay Shah died and president Raju Datla was seriously injured after "a tragic accident that occurred at a company event" in India on Thursday.

"The company's heartfelt thoughts and condolences are with Sanjay's family and all those who knew Sanjay in both professional and personal capacities," the statement read. "Sanjay Shah was an extraordinary leader whose presence permeated the working life of every associate and colleague at Vistex."

"His leadership and presence were truly unique; Sanjay will be sorely missed by all," the company added.

Related: Former Zappos CEO Tony Hsieh Dies at 46: 'A Tremendous Visionary and an Incredible Human Being'

Shah, 56, and Datla, 52, were marking the tech company's 25th-anniversary celebration when the incident occurred on Jan. 18, according to CBS affiliate WBBM-TV and The Times of India.

Both men were inside a suspended cage when the chain holding the cage broke on one side, causing them both to fall 15 feet onto the stage, per Fox Business and WBBM-TV.

<p>Barry Brecheisen/Invision/AP</p>

Barry Brecheisen/Invision/AP

A CBS affiliate in India reported that 700 people were in attendance.

“At the time of the accident, music was being played, and Shah and Raju were waving to their staff while being lowered," a police official told The Times of India.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories

Vistex said that Shah died following the horrific incident, while Datla remained hospitalized as of Monday.

Datla, who sustained a severe head injury, had been in critical condition, per the reports. It's unclear if his condition has changed.

<p>Barry Brecheisen/Invision/AP</p> Sanjay Shah

Barry Brecheisen/Invision/AP

Sanjay Shah

Related: 'Beloved' Michigan Health System CEO and Husband Killed in Florida Plane Crash

According to the company's statement, Shah was a "self-made entrepreneur" who left India to attend business school at Pennsylvania's Lehigh University. After earning his MBA in 1989 he went on to work at PricewaterhouseCoopers, General Motors and software company SAP before founding Vistex.

The company said that Shah "had a deep-felt desire to give back" and formed a number of foundation and charity programs. Additionally, he donated $5 million to Lehigh University to establish the Vistex Institute for Executive Learning and Research and in 2020 he helped open up a hospital in Bihar, India.

At this time, our focus is on mourning Sanjay," the company said. "Further communication will be provided after the official mourning period is over."

For more People news, make sure to sign up for our newsletter!

Read the original article on People.