Bad news..!! Freedom 251 Company starts refunding money to buyers..
Today Ringing Bells Company who has promised to give smartphone for only Rs 251, Has begin refunding money to “Freedom 251” buyer because of claim on Company.
“There was a lot of negativity around us so we have decided to take money from customers only after delivering phones to them. We are refunding money to those who have paid for booking the phones and giving them an option of cash on delivery,” Ringing Bells Director Mohit Goel told PTI
About 30,000 people paid for booking the phones and over 7 crore people registered for “Freedom 251” Smartphone. The payment was taken by CCAvenue and PayU Biz Payment gateway.
Goel said, “He don’t want customers’ money initially. He have investors to back our project. There is a business model to justify the price. He have a foolproof plan and to whomsoever we have disclosed it has agreed to it. He don’t want to disclose full details as of now,”
He said the delivery of Freedom251 smartphones is expected to start in April after which the company will start the second round of bookings.
“Our payment gateway companies CCAvenue and PayU Biz have sought time till Wednesday to credit back the amount in accounts of all those who have paid. After which we will send an email seeking confirmation for cash on delivery,” Goel said.
Ringing Bells President Ashok Chaddha had explained earlier that the manufacturing cost of the phone is about Rs 2,500, which will be recovered through a series of measures like economies of scale, innovative marketing, reduction in duties and creating an e-commerce marketplace.
“By going for Made in India components, we can save on the 13.8 per cent duty. Also, we will be selling online first and thus save the costs incurred on large distribution network,” he said.
Chaddha also rejected speculations of the handset being subsidised by the government.
Two plants will be set up for Rs 250 crore each with a capacity of 5 lakh phones. The money will come in the form of debt and equity (1.5:1),” he said.
“The “Freedom 251” phone will be manufactured in Noida and Uttaranchal.
Chaddha said the equity is being met by the promoter family of the company that is “engaged in agri-commodities business” in Uttar Pradesh but declined to give further information.
However, people in industry and some politicians expressed doubt over the claim. Telecom Minister asked the Department of Electronics and IT to look in to matter. Ringing Bells has also come under the scanner of Excise and Income Tax Departments as debates around the feasibility of offering a handset for Rs 251 rages on.
According to the sources, the IT Department is looking into the financial structure of the Ringing Bell company and has obtained documents, including those from the Registrar of Companies (RoC), in this regard.
I hope you will get money soon if you have done payment for “Freedom 251” Mobile. Don’t forget to like our Facebook fan page to get Latest Update.