Surabhi Redkar, for Koimoi.com gives it two stars. However, Koimoi's consensus of 401 voters says *four* stars.
Redkar: "... an action drama [with] intense action but zero emotion." (D: tough to get emotion down to zero!) "Ajay's script sense has not improved (from U Me & Hum. Two co-writers share the blame)." "... intended tear-jerkers turn out hilarious." In short, Redkar was disappointed. He admits he expected a Masterpiece.
PS In Times Of India, Renuka Vyavahare gave Shivaay three stars. Its reader-poll gave it 3.7 stars. D.