Allahabad: The Allahabad High Court today stayed the arrest of the President and two Directors of ‘Ringing Bells’, a Noida-based company which had recently launched a smart phone priced at a measly Rs 251.
A Division Bench comprising Justices Bala Krishna Narayana and Shashi Kant passed the order on a petition filed by the company's President Ashok Chadha and its Directors Mohit Goel and Dharna Garg, who have been named in an FIR registered by Noida police on March 25 under Section 420 of the Indian Penal Code and Section 66 of the IT Act.
The FIR was lodged on the basis of a complaint by BJP leader and Lok Sabha member Kirit Somaiya, who had alleged that he suspected Ringing Bells to be a ‘ponzi scam’ and that the company had raised funds by issuing ‘misleading’ advertisements.
The petitioners had submitted before the court that the entire amount received by Ringing Bells from the prospective customers of the smart phone amounting to Rs 84 lakh has been returned ‘individually to all the customers’.
The court ordered that ‘no coercive steps shall be taken’ against the petitioners, ‘subject to the condition’ that they surrender their passport before the Senior Superintendent of Police of Gautam Budh Nagar within 24 hours and adjourned the hearing.
The matter has been listed for further hearing on April 05.
