Anchor Group feud nears resolution as Mehul Shah emerges top bidder for GreatWhite

Mumbai: The family feud between Anchor Group promoters Mehul and Hemang Jadavji Shah for control over GreatWhite Global is nearing resolution, with the former set to acquire the 50% stake currently held by his younger brother.

The National Company Law Tribunal (NCLT) recently noted that Mehul Shah has emerged as the successful bidder in a bidding contest to take control of the Mumbai-headquartered electrical goods and home automation products maker. It did not disclose the bidding amount.

The NCLT Mumbai bench of judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar, in its order of January 14, directed "both parties to expedite the conclusion of the process and obtain their valuation reports by February 15 and finalise the terms by February 28."

The tribunal had in September appointed retired judge Justice Akil Kureshi to oversee the bidding process.

The parties then agreed to try to conclude the bidding process in 90 days. The tribunal has posted the case for hearing on March 6.

When contacted, AMR Law managing partner Munaf Virjee, who represents Hemang Shah and his family, and Cyril Amarchand Mangaldas partner Aditya Mehta, who represents Mehul Shah, declined to divulge details, citing confidentiality and that the matter is sub judice.

The Shah family launched GreatWhite Electricals after it sold the Anchor brand of switches for around ₹2,000 crore to Panasonic (then Matsushita Electric Works) in 2007. The brand was launched in 2011, soon after Anchor Group's non-compete agreement with the Japanese firm ended.

The brothers, who hold equal stakes in GreatWhite Global, have been fighting over its control for more than a year.

In November 2024, Hemang Shah approached the Mumbai bench of the NCLT, accusing his brother of oppression and mismanagement of the company's affairs. In June 2025, the tribunal observed that the two parties cannot stay together and hence directed Hemang Shah to make an offer to buy the shareholding of Mehul Shah in GreatWhite or an offer to sell his shareholding. Mehul Shah could also make a counteroffer to his brother.

At the time of appointing Justice Kureshi to chair the bidding process, the tribunal had clarified that existing land, infrastructure and licensing arrangements, such as the Valsad trust land and office premises in Mumbai's Peninsula Business Park, should continue unchanged.

The company posted a revenue of ₹1,241 crore with a profit after tax of ₹101 crore for 2024-25.

In the domestic cable industry, the company faces intense competition from the unorganised sector and from cheap imports from Malaysia and Vietnam because of low entry barriers in terms of technology, which can be easily replicated, according to a recent Care Ratings report. In the vertical electrical switches, the company faces competition from several organised players, it added.

The Anchor Group traces its roots back to 1963, when brothers Damjibhai and Jadavjibhai Shah founded it.

Currently, Damjibhai's sons, Atul and Sanjay, run a personal care and oral care business under the brand Anchor, while Jadavjibhai's sons, Mehul and Hemang, manage businesses spanning real estate, paints, writing instruments, and electricals.