Notes on how an ownership problem becomes a "special situation" for a profitable business

Companies No. 16 18 September 2026 · 2 min read

On 17 September 2026, the CCI approved a deal that brings 3 EAAA funds, the alternatives arm of Edelweiss, into a private company called Great White Global.

But why is a special-situations investor getting involved in an electrical-products company? Great White made ₹1,241 crore of revenue and ₹101 crore of profit in FY25. It sells electrical goods and electrical infrastructure products, with a smaller shaving and personal-care business. CARE rated its liquidity as strong and its capital structure as comfortable.

ISAF III Onshore Fund, India Special Assets Fund III and Special Situation India Fund are joining Mehul Shah, Julie Shah and the Mehul Shah HUF to acquire 50% of the company. Part of the transaction will happen through a new holding company that will later merge into Great White.

Brothers Mehul and Hemang Shah owned 50% each. In 2024, Hemang took a control and ownership dispute to the NCLT. The two brothers jointly ran decision-making and the company's cash. In April 2025, CARE put the company's bank loans on rating watch with negative implications.

Then it got worse. In May 2025, Hemang was arrested on a complaint filed by Mehul and later released. In July 2025, CARE cut the long-term rating from A- to BBB+. In September 2025, the brothers agreed to settle the dispute through a bidding process. Mehul Shah emerged as the highest bidder for Hemang's 50% stake, and the NCLT cleared the buyout in January 2026.

The same CCI approval also covers a separate deal in which Mehul Shah also takes sole control of ITVIS Innovations, which makes smart lighting and sensor-based electrical systems. ITVIS Innovations Private Limited is a subsidiary of the GreatWhite Group.

There's an unusual side of special-situations investing. Sometimes you don't buy a broken business, you buy a messy situation around a working one.

From a 50:50 standoff to a fund-backed buyout in 22 months

The steps from Hemang Shah's court case in 2024 to the CCI approval in 2026. The tribunal forced a sale, and EAAA funds joined Mehul Shah as buyers.

CARE Ratings; NCLT orders via The Economic Times; CCI · Nov 2024 to Sep 2026

Sources