Shivaay is a well-intentioned movie with good cinematography. Also, the actors have done reasonable job. But those reasons are not enough to make any movie a good one.
In fact, the movie is a disappointment from start to finish. It underachieves on its potential, it overreaches in terms of logic, and has underwhelming emotional quotient.
Logic especially is the one that perturbs me. It's like the makers didn't even try to make anything seem remotely plausible. I'm not saying that Bollywood movies have high standards for logic -- our heroes have beaten 20 hooligans in the past before -- but they didn't do that over and over and over again.
At some point, even the most committed viewer might question the plausibility of it all.
Even beyond that, the movie has acute issues with tone. The movie has so many genres within it that it all, at many times, looks like a parody.