Okay, I did a little bit of thinking and now I am convinced that the issues with my OBI110 are resolved . To summarise, so others facing the same issue can be benefited.
1) To start with, I only had one issue - The OBI would work fine for few days and then suddenly the it will send false rings to the phone. When it used to start happening, it would be almost nonstop until you completely unplug the OBI.
2) I stumbled across this thread and found the suggest to reverse the polarity of the BT socket. So I swapped wire on the port A of the BT socket with port B and Wire on B with A.
3) I was still be scary of the OBI misbehaving after sometime, so I updated the inbound call route in line1 so that it would forward all anonymous call to just my mobile, all other calls to three devices; a)phone port of OBI, b) my wife cell mobile and c) my mobile after an 8 second. This is so that the false ring soes not create havoc at business and once I receive the calls I can try and check the call status etc on OBI.
4) I think it worked great for few weeks and then suddenly the phone stopped ringing at all for few days. This is ow can be explained by sudden switch off of caller id by Plusnet.
5) So as the called id was turned off at Plusnet end, all calls were diverted to my mobile and al the while I was thinking that the OBI110 had started sending false ring again. Now I think they were only few phone calls a day, which would have been actual calls but because there was no caller id they were just getting forwarded to my mobile and hence no calls were received at the business premises.
So I think the OBI110 was working fine since I changed the polarity of the BT line (also testing voltage today to ensure the A (to 0V) and B (to -52v) ports are connected to the correct wire). It was the the called id that got turned off at Plusnet end made me think that the OBI wasn't behaving correctly.
Finger crossed, the OBI110 shall be working now.
A big thanks to drgeoff and Ian for pointing me in right direction.