What happened to OliveSmart V-S300?

Last time we heard about OliveSmart V-S300 was in Feb 2011 with an impressive specifications sheet and reasonable price of Rs 19,999, which looked attractive at that time. 4.1 inch capacitive screen, Android 2.3, 1GHz processor, 512MB RAM  what more you can wish under 20k. More information can be found here:
http://www.olivetelecom.in/mobile-phone/android-phones/olive-smart-vs300/



There is no precise information available about the launch date on the Olive website. We can expect a drop in the price since other phones with similar specs are available in the market for a lesser price, for example Nexus S is available in less than Rs 19.5k from ebay.in or it can be ordered from flipkart.com at Rs 19,999