Sheikh, 65, died in Dubai where he was for a concert. Sheikh was last seen in Bollywood movie 'Club 60'.
His co-star in the film, actress Sarika said he appeared to be in good health during their last meeting and they had planned to meet up again.
"It is shocking because he looked well when we last met about 10 days back. He seemed fine. We joked and chatted. He was a brilliant actor that goes without saying but he was a great man, a true gentleman," Sarika told PTI.
Megastar Amitabh Bachchan remembered Sheikh as a "true gentleman".
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"God !! Farooq Sheikh passes away !!? A true gentleman, a wonderful colleague ! A quiet honesty about him. Very very sad !," Bachchan tweeted.
Shekhar Kapur regretted that he should have talked films instead of politics in his last meeting with the actor.
"RIP Farooq Shaikh. The last time we met, we talked politics. I wish we has talked film and acting. It's what we love most. I would have learned," Kapur tweeted.
Actor Boman Irani wrote: "Farooq Sheikh passes away! Shocked, numbed and saddened. Was supposed to be shooting with him today. A gentleman actor is no more!
Filmmaker Mahesh Bhatt wrote, "Alvida Farooq bhai the warmth of your smile lingers in our memory!"
"Year 2013 took away many talented people, and this time the veteran actor Farooq Sheikh. RIP Mr Sheikh," Bengali movie star Prosenjit wrote.