Mumbai – Indradev Pandey
Who is Calling the Shots? New Twist in Denron versus Bliss Consulting Case
- Bliss Consulting was accused of denying arbitration and the Court orders in the matter of repayment of Rs 250 crore to Denron
The dispute between Denron Rea IT Trade Pvt Ltd and Bliss Consulting has taken a new twist. As Bliss Consulting allegedly undermines legal agreements and court orders about business agreements and transactions, the legal battle has reached its tipping point. According to sources, all stakeholders including Denron eagerly await a resolution that upholds justice and accountability.
Sources said, Denron Rea IT Trade Pvt Ltd, a trading company, has shown all the evidence and alleged that Bliss Consulting, which owes nearly 250 crores to it, has gone into a complete denial mode and undermines not only the Arbitration order but the Court Orders as well. Earlier, the Economic Offence Wing (EoW) was probing the Bliss Consultancy Case that had led to the arrest of its proprietors Ashesh and Shivangi Mehtas.
The Denron versus Bliss Consulting case now takes an unexpected turn. Shockingly, the EOW has now filed a case against the directors of Denron Rea-IT Trade Pvt Ltd itself. Sources hint at the investigating agency’s intention to pursue a closure report against Bliss Consulting as a result of manipulations and political pressure.
According to the Denron Counsel, it’s astounding to observe the relentless legal maneuvers against Denron, with four tribunal orders, nine Sessions Court rulings, and 14 High Court hearings by six justice Double Bench, all in favor of the company, being challenged by a spurious FIR filed under Bliss, purportedly by Niki Shah using a power of attorney.
The question arises: Is there a political agenda at play to thwart Denron’s pursuit of justice? Is Bliss colluding with Kotak Mahindra Bank in fraudulent activities, taking refuge behind a fabricated FIR orchestrated by Niki Shah and bolstered by local political support to evade financial obligations to Denron and its investors?
Insiders said that the drug case arrest and FIR in Madhya Pradesh and then clean chit looked like a sham and propaganda planted by the Bliss team to avoid court orders to siphon off money and not pay its investors and flea away from the country.
The promoters of Bliss Consulting Mumbai-based business couple Ashish and Shubhangi Mehta were under the radar of several law enforcement agencies .Everything appears so orchestrated and seamless as one is arrested and cleared of drug peddling charges to escape and refrain from returning money to the investors and the same ploy is applied in the Denron case in which FIR is lodged in a sub-justice matter. But they sometimes evaded arrests and on other occasions preferred to be in custody to evade payments to eligible investors who invested in their schemes. Denron appears as one of the victims of their criminality.
“How can a drug case be abruptly closed, and individuals’ names expunged from a chargesheet, especially after the alleged perpetrator’s apprehension and testimony in court,” questioned the Counsel. “The orchestrated efficiency with which Bliss promoters and top executives managed this situation is reminiscent of a well-scripted crime drama, raising serious questions about their integrity and motives. It’s a calculated game played by Bliss and Niki Shah, leaving Denron and its investors in the lurch,” added the Counsel.
Now, with the emergence of this new twist, the dynamics of the Denron versus Bliss Consulting case have taken a complex turn even though all legal, authentic documents and proofs of the business agreement were submitted to the Arbitrator and the Courts.
Comprehensive documentation that was submitted to Arbitration and the Court unveils the transaction timeline too. In FIR No. 0068 dated February 07, 2024, filed by the Andheri Police Station on behalf of Bliss Consulting against Denron, a detailed account of transactions between the two parties has been disclosed. The documents presented shed light on the execution of an investment agreement dated August 31, 2021, involving a substantial sum of Rs 200 crores. According to the records, Bliss disbursed the agreed amount to Denron over a period spanning from September 09, 2021, to November 25, 2021. The payment schedule delineates disbursements made on September 9 (Rs 20,000,000), September 13 (Rs 70,000,000), September 23 (Rs 15,000,000), September 30 (Rs 26,000,000), October 10 (Rs 30,000,000), October 25 (Rs 35,000,000), November 10 (Rs 45,000,000), and November 25 (Rs 40,000,000).
As per the terms of the agreement, Bliss was obligated to refund Rs 200 crore and an additional Rs 30 crore to Denron by November 30, 2021. Despite repeated attempts by Denron to initiate the refund process, including communications on January 28, 2022, February 16, and February 28, 2022, as well as March 09, 2022, Bliss remained unresponsive to these requests. This lack of cooperation from Bliss prompted Denron to escalate the matter, seeking legal recourse for the repayment owed to them.
Despite Denron’s persistence, Bliss and Kotak Bank failed to comply, leading to a court-ordered account freeze. Denron pursued execution proceedings, compelling Kotak Bank to comply. However, Kotak Bank’s submission of questionable documents complicated matters. Denron escalated by issuing a legal notice and terminating the agreement, citing arbitration. The Counsel emphasized evidence of Bliss’s debts and evasion tactics.
Repeated attempts to contact Bliss were fruitless. Now it would be closely watched how the nation’s legal system holds accountable those involved in obstructing justice and aiding Bliss’s evasion!
