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Sep, 02 2013

Vikram Bakshi to Move Company Law Board

Bakshi to appeal CLB; resolve the deadlock over the appointment

Mr. Vikram Bakshi, partner of McDonald's, will soon move the Company Law Board (CLB) seeking his reinstatement as the managing director of their equal joint venture.

He is also likely to ask the Company Law Board to stop the US company from hampering the operations of the JV, Connaught Plaza Restaurants Ltd, which runs 154 McDonald's outlets in the northern and eastern parts of India. Mr. Bakshi is expected to allege that McDonald's has treated him in an unfair and discriminatory way as compared with Hardcastle Restaurants Pvt Ltd, its other partner in India, that operates the burger and fries chain's outlets in the western and southern parts of the country. In his petition to CLB, Bakshi is also likely to say he has been unfairly treated compared with McDonald's other partner Hardcastle Restaurants Pvt Ltd.

Mr. Bakshi said in a statement “The matter is now being addressed by my lawyers. It would be inappropriate for me to comment on any issue that is confidential and between my partner and myself at this stage.”

Mr. Bakshi's term as managing director expired on July 17. At the company's board meeting on August 6, the two McDonald's nominees on the four-member board rejected the proposal to re-nominate him as MD. On August 30, McDonald's India issued a public notice saying Mr. Bakshi had ceased to be the managing director of the joint venture.

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