Lalit Sheth, owner of Raj Travels and pioneer of leisure package tours in India, jumped to death from the Bandra-Worli Sea link on Wednesday afternoon, leaving a note that said he had failed to fulfill his family’s responsibilities.

Sheth had left his residence at Gandhi building in Girgaum around 9.30am on Wednesday to attend an official meet in Bandra. His driver Ajit Jha said, "On reaching Worli Dairy, Sheth told me to stop the car. Before alighting, he said he wanted to make an urgent call and told me to drive slowly and that he would catch up on the sea link." 

Jha stationed the car on the sea link and waited for 10-15 minutes, but when he turned back to check about Sheth's well-being, he was missing. "Jha called Sheth's number but his mobile was unreachable. He then informed Sheth's son Aakash (27). The son went to the sea link and after searching the area informed the Worli police, who began a search. We received information that a body was found near Worli Fort around 4.30pm. Aakash identified the body," said Kulkarni. 

Friends and industry insiders are stunned at the news of his suicide. “It’s unbelievable that Lalit Sheth could take such a drastic step as I have always seen him smiling even in the toughest of circumstances,” said Ajay Prakash, president, Travel Agents Federation of India (TAFI). TAFI had been founded by Sheth

However, others claimed this as the outcome of the long-evident bleak situation. "This could be the beginning of the fall of the travel operator. I would not be surprised if more travel agents commit suicide as survival is becoming extremely difficult", said Iqbal Mulla, President, Travel Agents Association of India (TAAI).

Earlier this year, Sheth had told that his firm was facing a tough time owing to the drop in bookings. “This year the bookings are the decade’s worst, worse than the recession year of 2008-2009. We are forced to sack staff because bookings for even nearby destinations have dropped,” Sheth said in March.

Holiday planners said the rising crude prices, depreciating value of the rupee and, most critically, the increase in service tax have badly hit the travel sector. “The cost of travel has increased by 15% to 20% (because of these factors), so holiday bookings have dropped,” Mulla said.

Police sources claimed that Sheth ended his life due to debts. Among the possible reasons being cited for his suicide was that he owed SBI around Rs 5 crore. An official liquidator was appointed after Sheth failed to pay dues to HDFC Bank and ICICI Bank too. He made losses on currency fluctuations too. 

Besides, arbitration proceedings were on with respect to complaints by Tata Motors and Tata Finance, where the arbitrator had sought a payment of Rs 2 crore and surrender of seven vehicles from Raj Travels. When Raj Travels did not comply, the Tatas moved a petition in the high court for enforcement of the award and his arrest. The court was to look into it this month.

Sheth had come to Mumbai with just few thousand rupees after the death of his father in the 1970s. After failing to set up a chemist business, he started the tours and travels office from a small place at Masjid Bunder in 1976. Soon he revolutionised the tourism industry with innovations and business sense and became a source of inspiration for many during the 1970s and 80s.

Raj Travels initiated the idea of packaged tours keeping in mind the community sensitivities and became very popular, especially among the Gujarati community.

He started the provision of the Indian food by taking an Indian cook referred as ‘Maharajs’ during the stay of tourists in foreign countries.

The industry insiders say that such was the growth of his company in the 1990s that Sheth managed to start an airline by the name of Raj Air during the earlier days of airline industry liberalisation in India. Though it became popular in a short span of time due to the good will from his tourism business, the airline soon met with the end like other airlines started during those times. Later, he also started 150 luxury buses, which too failed miserably, the insiders reveal.

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