Another interesting twist in the already confusing(not so much though) story of the famed Rs. 251 smartphone, Freedom 251 has emerged.
It has been reported that Mohit Goel, founder and MD of Ringing Bells(the company that sells Freedom 251) has quit the company to form another electronics company that goes by the name MDM Electronics.
His wife, Dharna Goel who was also a director of Ringing Bells has also left the company. MDM Electronics was registered as a company on 7 December 2016 with a share capital of Rs 25 lakhs and paid up capital of Rs. 20 lakhs. The new company will also be dealing in smartphones, LED TVs, etc like the previously albeit less scandalously.
Though no public statement is released but Mohit Goel claims that Ringing Bells will continue to work same as before just without him at the helm. But, it seems far from truth because the company’s head office in Sector 62, Noida has been shut for about a month now.
It was also said that Ringing Bells delivered 70000 sets as it promised to different states but there is no way to verify the claims. Even, the distributors of Ringing Bells who paid huge sums to buy and then resell the phones have shut their operations and are demanding refunds. Some have also filed court cases against the company due to non-payment and failure of cheques(as big as Rs. 2 crores).
What will happen to the distributors and other people associated with the company is still a mystery though Mohit Goel can easily stay protected from any legal proceedings now that he and his wife have left the company. The most probable option that the company may choose will be filing for bankruptcy and registering losses thus being saved from any prosecution from distributors, investors, etc.
How will MDM Electronics fare will also be a matter of discussion. Now, that they have a bad fame and trust issues, it is definitely going to be difficult for them to market and promote their new offerings.
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