Inevitable! Ringing Bells Closes Down, Founders Open a New Company MDM Electronics Pvt. Ltd.; Company Refutes all Claims of Closure

The much controversial company, Ringing Bells, launched the Freedom 251 smartphones, touted as the cheapest smartphone in the world. The mystery around the cheapest smartphone could not be solved, and the company quickly went out of the news.

A few weeks back, the owners of the company were summoned by the Delhi Court over a cheque bounce case. The company seems to have shut down, and the website cannot be accessed anymore, which makes us wonder if it was even legit in the first place.

The company’s office in Noida also seems to have shut down and there are no signs of the entity there. The founders of Ringing Bells have now founded a new company MDM Electronics Private Limited.

Mohit Goel, Managing Director of Ringing Bells, Shashank Goel and Ashok Chaddha, are the founders of the new company. “MDM Electronics was incorporated on 7 December with a share capital of Rs. 2,500,000 and paid up capital is Rs. 2,000,000. The company has its registered office at C-2, Third Floor, Kailash Colony, New Delhi,” according to a report by ET.

According to these reports, the new company will also be getting into the same business of selling mobile phones, smartphones and televisions. CEO Dharna Goel quit from Ringing Bells, and a few other board members also have.

Ringing Bells refuses that it has shut down

Amongst all the claims, Ringing Bells has come out with a statement saying that the company has not shut shop. They are very much still in business, planning to send out Freedom 251 phones to the customers.

The Ringing Bells statement said MDM Electronics Private Limited is a separate entity with its own objectives. “At ringing bells we have our clear business objectives which we have shared earlier with everyone and we are sticking to it,” the spokesperson said. However, it is true that CEO Dharna Goel has resigned. “Now Anmol Goel, who is also one of the founder directors, is looking after the affairs of the company,” the statement said.

The company is still figuring out the procurement of smartphones, and is looking at distributors for the same. They will continue to work towards delivering the smartphones to the people who had requested for it.

Is Ringing Bells fraud?

The company’s website cannot be accessed as of now, and they keep claiming that they are in an upgradation process. However, the website has been inactive for a few months now and there are not signs of it coming back.

The URL of the website says ‘payment due’ which is another reason why the company seems fraud, or if not fraud then bankrupt. The company is just giving out excuses to people and delaying the delivery of smartphones.

There is no affirmative way of saying whether the company is fraud or not, but the next hearing in April 2017 will yield a better result. Let us see what MDM electronics comes out with, and whether it is actually another fraud company by the same founders.

Source: ET