Gulati was reportedly undergoing treatment at a hospital in Delhi. He suffered cardiac arrest on Thursday and passed away at 5:30 AM.
Gulati was awarded Padma Bhushan, the third-highest civilian award in the country, in 2019.
Delhi Chief Minister Arvind Kejriwal and his deputy Manish Sisodia were among the first to post tributes on Twitter.
"Dharm Pal ji was very inspiring personality. He dedicated his life for society. God bless his soul," Mr Kejriwal tweeted.
"India's most inspiring entrepreneur, MDH owner Dharm Pal Mahashay passed away this morning. I have never met such an inspiring and lively soul. May his soul rest in peace," tweeted Mr Sisodia.
Delhi Chief Minister Arvind Kejriwal and his deputy Manish Sisodia were among the first to post tributes on Twitter.
"Dharm Pal ji was very inspiring personality. He dedicated his life for society. God bless his soul," Mr Kejriwal tweeted.
"India's most inspiring entrepreneur, MDH owner Dharm Pal Mahashay passed away this morning. I have never met such an inspiring and lively soul. May his soul rest in peace," tweeted Mr Sisodia.
India's most inspiring entrepreneur,
— Manish Sisodia (@msisodia) December 3, 2020
MDH owner Dharm Pal Mahashay passed away this morning.
I have never met such an inspiring and lively soul. May his soul rest in peace. pic.twitter.com/SOdiqFyJvX
Gulati was born and raised in Sialkot, Pakistan. The company was started by the late Gulati's father Chuni Lal as a small shop in Sialkot, Pakistan back in 1919.
According to his biography on the MDH site, he set up a business in 1937 with help from his father and started selling mirrors, soap, hardware and rice. When the business failed, he returned to work with his father for the company Mahashian Di Hatti. At the time, they were popularly known as the 'Deggi Mirch Wale' people.
After the partition of the country, Gulati moved to a shop in Karol Bagh in Delhi and opened 15 factories supplying 1000 dealers in India. It is now a sprawling Rs 1500 crore business empire which runs the masala company, a number of schools and a hospital.
MDH today sells 62 products available in over 150 different packages. His spices also sell worldwide.
Mr Gulati, at 94 in 2017, became the highest paid CEO in India in 2017. He was also known to be a philanthropist and built several hospitals and schools.
Gulati, who was also called Dadaji, was a fifth grade school dropout. He was known for diligently made daily rounds of factories, markets and dealers including on Sundays until he was satisfied everything was in order.
