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Jul, 14 2017

NCLT restores Vikram Bakshi as MD of Connaught Plaza Restaurant

The tribunal has said the meeting of Connaught Plaza Restaurants Ltd (CPRL) of August 6, 2013 in which Bakshi was removed as MD of the company was illegal, unjust and malafide.

The National Company Law Tribunal (NCLT) has reinstated Vikram Bakshi as the Managing Director of Connaught Plaza Restaurant Ltd, which runs McDonald’s outlets in North and East India.

The tribunal has said the meeting of Connaught Plaza Restaurants Ltd (CPRL) of August 6, 2013 in which Bakshi was removed as MD of the company was illegal, unjust and malafide.

A two-member NCLT bench, headed by its President, Justice M M Kumar, said, "The status of Mr Vikram Bakshi as Managing Director of CPRL is restored."

The court has also appointed former Supreme Court judge G S Singhvi to act as administrator in the company with power to vote.

The tribunal said, "He (Bakshi) shall continue to act as Managing Director of CPRL subject to passing of any resolution under the Chairmanship of the administrator."

It further said, "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 Pvt Ltd (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.

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