GreatWhite Feud: Shah brothers head for bidding table

Mumbai: The legal battle between brothers Mehul and Hemang Jadavji Shah for control of GreatWhite Global Pvt Ltd, part of the Anchor Group, is nearing a resolution as both parties have agreed to hold a bidding process after exchanging price offers to buy out their respective stakes.

The Mumbai bench of the National Company Law Tribunal (NCLT) has appointed retired judge Justice Akil Kureshi to oversee the bidding. The tribunal has also appointed Ernst & Young to conduct vendor due diligence and law firm J Sagar & Associates (JSA) to carry out legal due diligence.

The parties have agreed to try to conclude the bidding process in 90 days.

The bench comprising judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar observed that both parties have exchanged their offers with the other party, and now the bidding process can be carried out.

"For this (bidding) purpose, they request this tribunal to appoint one independent person so as to oversee/chair the bidding process and further to nominate one professional firm to carry out vendor due diligence," observed the tribunal in its order.

The tribunal also recorded key terms for the proposed settlement, which include the purchase of the entire 50% stake held by one shareholder group in GreatWhite Global.

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

The NCLT also noted 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 transaction must also ensure the release of personal guarantees provided by the sellers and continued ownership of the company's intellectual property and fixed assets.

Mehul and Hemang Shah have been fighting over control of the electrical switch and home automation company GreatWhite Global where both own equal stakes.