GreatWhite Feud: Shah brothers head for bidding table

Mumbai: The authorized battle between brothers Mehul and Hemang Jadavji Shah for management of GreatWhite Global Pvt Ltd, a part of the Anchor Group, is nearing a decision as each events have agreed to carry a bidding course of after exchanging worth gives to purchase out their respective stakes.

The Mumbai bench of the Nationwide Company Law Tribunal (NCLT) has appointed retired decide Justice Akil Kureshi to supervise the bidding. The tribunal has additionally appointed Ernst & Younger to conduct vendor due diligence and legislation agency J Sagar & Associates (JSA) to hold out authorized due diligence.

The events have agreed to attempt to conclude the bidding course of in 90 days.

The bench comprising judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar noticed that each events have exchanged their gives with the opposite occasion, and now the bidding course of may be carried out.

“For this (bidding) goal, they request this tribunal to nominate one unbiased individual in order to supervise/chair the bidding course of and additional to appoint one skilled agency to hold out vendor due diligence,” noticed the tribunal in its order.The tribunal additionally recorded key phrases for the proposed settlement, which embrace the acquisition of the complete 50% stake held by one shareholder group in GreatWhite International.When contacted, AMR Regulation managing accomplice Munaf Virjee, representing Hemang Shah and his household, and Cyril Amarchand Mangaldas accomplice Aditya Mehta, representing Mehul Shah, declined to disclose particulars, saying that the matter is sub judice.

The NCLT additionally famous that current land, infrastructure, and licensing preparations, such because the Valsad belief land and workplace premises in Mumbai’s Peninsula Enterprise Park ought to proceed unchanged. The transaction should additionally guarantee the discharge of private ensures offered by the sellers and continued possession of the corporate’s mental property and stuck property.

Mehul and Hemang Shah have been preventing over management of {the electrical} swap and residential automation firm GreatWhite International the place each personal equal stakes.