Gulati (97) was undergoing treatment at Mata Chanan Devi Hospital where he breathed his last, sources said.
According to reports, he was undergoing post-COVID treatment and suffered a cardiac arrest Thursday morning.
Popularly known as "Spice King", Gulati was awarded the Padma Bhushan, the country''s third-highest civilian award, in 2019.
Born in Sialkot (now in Pakistan) on March 27, 1923, Gulati had moved to India after partition and set up his business in Delhi.
The ''Mahashian Di Hatti'' (MDH) was founded by his late father Mahashay Chunni Lal Gulati.
Delhi Chief Minister Arvind Kejriwal paid his tributes to the popular personality.
“Dharm Pal ji was very inspiring personality. He dedicated his life for the society. God bless his soul," he tweeted.
Deputy Chief Minister Manish Sisodia said on Twitter, “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."
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