Hotline: 1800 102 2007
X
Search Business Opportunities
Apr, 03 2014

Vikram Bakshi moves to HC

Moved to Delhi HC against the arbitration filed in London by the food giant.

Vikram Bakshi, McDonald's estranged Indian partner moved to Delhi high court on 2nd April 2014 seeking an interim injunction on the arbitration filed by the brand in London.

Bakshi moved an application under Section 9 of the Conciliation and Arbitration Act, which deals with foreign arbitration and foreign tribunals. He argued that McDonald's has defied Indian jurisdiction by approaching the London Court of International Arbitration (LCIA) when the case is before the Company Law Board.

According to a media report, a person close to him said, "We have filed for an interim injunction against the arbitration in London. The matter is likely to be heard on 3rd April 2014 when the Company Law Board is also due to hear arguments on Bakshi's offer to buy McDonald's stake in Connaught Plaza Restaurant Private Limited.

However, the CLB in December held that "there is no prohibition" against McDonald's approaching LCIA while the matter is pending before it. "I, hereby, hold that this bench could not grant stay over the proceedings initiated before the arbitral authorities," the CLB said in its order of December 30. Vikram Bakshi and McDonald's are involved in a bitter legal dispute since August 2013 when Bakshi was not reappointed as the managing director of Connaught Plaza Restaurant. 

Comment
Related opportunities
  • Others Dealers And Distributors
    About Us: WHAT IS TELE SHOPPING BUSINESS-: Teleshopping is a Business, Where..
    Locations looking for expansion Madhya Pradesh
    Establishment year 2015
    Franchising Launch Date 2015
    Investment size Rs. 50 K - 2lac
    Space required 100 - 150 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Indore Madhya Pradesh
  • EuroKids pre-schools in 2001 with the idea of providing a..
    Locations looking for expansion Maharashtra
    Establishment year 1997
    Franchising Launch Date 2001
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • About Us: F-MART  Retails is planning to open 10000 within 5..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Art, Craft, Antique & Framing
    About: Shilpa Suneja Designs is a venture of Incandescent Papers Pvt...
    Locations looking for expansion Delhi
    Establishment year 1977
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities