Bobby, the former CEO with Shah Rukh Khan's Red Chillies Entertainment, had been in coma since April 2010, after suffering a massive stroke while having a dinner at a restaurant.
Juhi Chawla took to Twitter to express her grief: "This is the perfect screenplay ...look at how my brother timed it ... He gave me the biggest gift of my lifetime ...saw its release ... And went away."
Close friend Shah Rukh Khan, when heard about the demise, tweeted, "When someone you love becomes a memory, the memory becomes a treasure. May Allah bless my friends soul."
Farah Khan tweeted, "Bobby chawla,u leave us for a better place."
Bobby Chawla was cremated in Mumbai.
With agency inputs