Remember Ringing Bells? The Indian technology company who brought in world’s cheapest smartphone Freedom 251 back in February 2016. As per latest reports, Ringing Bells seems to have shut down sometime last week. Further, the company’s website is down and inactive and its CEO Dharna Goel recently resigned from the company as well. Following this, a new company with the name MDM Electronics Private Limited seems to have incorporated by the same bunch of people. The MD (Managing Director) of Ringing Bells, Mohit Goel is now the director of MDM Electronics Private Limited. Other directors include Shashank Goel who was also linked with Ringing Bells and Ashok Chaddha who was, in fact, the official spokesperson of Ringing Bells.
As for the financial information, the new company was reportedly incorporated on December 7 with an authorized share capital of Rs 25,00,000 and paid up capital of Rs 20,00,000. We don’t really know the exact industry in which this new company serves, however, reports claims that the new company is tipped to be in same business as Ringing Bells i.e. selling mobile phones, TVs etc.
After possible scam with the Freedom 251 smartphone, Ringing Bells, later on, launched Freedom 9900 LED TV at Rs 9,900 which never shipped. On the other hand, after initial chaos relating to a possible scam, Ringing Bells claimed that it has already shipped 65,000 units of Freedom 251 in the second phase of delivery after delivering 5,000 units in the first round. The smartphone was priced at Rs 251 and could only be booked online by paying in advance. However, we don’t have any information post that relating to the total number of units the company actually shipped and reached the customers.
Not only this, a company named Aryan Infratech Pvt Ltd recently filed a case against the company pertaining to a cheque bounce for a payment of about Rs 2 crores. Delhi Court summoned CEO Dharna Goel, MD Mohit Goel, President Ashok Chaddha and other directors in a hearing last week.