With LeEco 'gone', harrowing time for employees, vendors with dues, bills

Billed as a "true disrupter" in the Indian smartphone market last year, Chinese internet and technology conglomerate LeEco has vanished into thin air within months, leaving behind vendors with hefty unpaid bills and employees owed their dues.After laying off a substantial number of employees -- as many as 85 per cent staff across the sales, marketing and distribution departments since December -- the company said in March that it does not have any plans to exit from India. Nifty Trading Tips

It also said the "resource head count in India is well aligned to the scale of operations envisioned and in line with industry benchmarks"But the ground reality is strikingly different.Reduced to a staff of 30 from 480, LeEco, which had a huge marketing spend, is today nowhere to be seen -- not on billboards, TV screens or in newspapers.There are just eight or nine junior-level staff working at its Gurgaon office while the rest are in Bengaluru and other places.