I agree with you that Mihir probably would not be happy with Smriti and Jay's relationship but I dont think he would be jealous at any stage.
Mihir is a type of a man who is highly respected in the society so he would be more worried about how it will look to the society and whether Jay is right for Smriti too.
He cares about Smriti as she is Prem's biological mother and look at situation and make decisions in terms of Smriti's best wishes.
It may be that Mihir feels that Jay is too old for her and that she could do much better than that.
I want to add on that although I personally think this Jay is old for her too and that she could have better guys than him. But if Jay makes Smriti happy thewn that good enough for me. Afterall Smriti deserve happiness. I also noticed that Jay bring the other side of Smrit which is much more independent type of woman. This is really good as Smriti really did change over the year as we remember when she used to be a shy woman when she was married to Mihir.