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He was 69.
The film producer was suffering from age related ailments for quite some time and died on Sunday night, they added.
Chandrashekar was very much inspired by his father K C Nanjunde Gowda and made more than 50 movies leaving a lasting impact on the viewers.
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The veteran producer had also served as the president of Karnataka Film Chamber of Commerce (KFCC) and South Indian Film Chamber of Commerce (SIFCC).
Condoling Chandrashekar’s demise, Chief Minister B S Yediyurappa said in his death the Kannada film industry has lost a great film-maker.
He prayed for his soul to rest in peace.