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Bakshi reinstated as McDonald’s franchisee MD

Friday, July 14, 2017, 13:30 Hrs  [IST]

As per a report in Financial Chronicle, in a major setback to the US-based fast food chain McDonald’s in India, the National Company Law Tribunal (NCLT) on Thursday restored its estranged partner Vikram Bakshi as the MD of Connaught Plaza Restaurant. The tribunal has said the meeting of Connaught Plaza Restaurants (CPRL) on August 6, 2013, in which Bakshi was removed as MD of the company, was illegal, unjust and malafide. “The status of Vikram Bakshi as MD of CPRL is restored,” said a two-member NCLT bench headed by its president justice MM Kumar.

The court has also appointed former Supreme Court judge GS Singhvi to act as administrator in the company with power to vote. “He (Bakshi) shall continue to act as managing director of CPRL subject to passing of any resolution under the chairmanship of the administrator,” the tribunal said. It further observed, “All steps taken in pursuance of non-election of Vikram Bakshi as managing director are also declared illegal, unlawful, unjust and malicious.”

CPRL, a 50:50 joint venture between McDonald's India (MIPL) and Bakshi is the licensee for north and east India regions of the US fast food chain. Bakshi was at loggerheads with the US based fast food chain over the management of CPRL. In a public notice on August 30, 2013, McDonald’s India said, “Vikram Bakshi has ceased to be the managing director of Connaught Plaza Restaurants pursuant to expiration of Bakshi’s term on July 17.” However, Bakshi contested that he cannot be removed as MD through a general meeting of the company.


 
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