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The board of Connaught Plaza Restaurants Pvt Ltd (CPRL) is learnt to have passed a resolution authorising Vikram Bakshi to take legal action against the termination notice given by McDonald’s India, while continuing to operate the restaurants.
CPRL is a 50:50 joint venture between McDonald’s India and Bakshi. The two partners have been embroiled in a legal tussle since 2013.
According to sources, McDonald’s India representatives did not attend the board meeting. The meeting was chaired by former Supreme Court Judge GS Singhvi, who has been appointed by the National Company Law Tribunal.
Sources said a resolution was approved at the board meeting, which authorised Bakshi, as the MD of CPRL, to pursue legal recourse against the franchise agreement termination notice given by McDonald’s and also that he is entitled to continue to operate the restaurants.
When contacted, Bakshi confirmed that a CPRL board meeting took place on Sunday, but declined to comment on its proceedings. McDonald’s India did not respond to an email. On August 21, McDonald’s India had sent a franchise agreement termination notice to the CPRL board. It also asked CPRL to cease the use of McDonald’s brand and trademark effective September 6. However, CPRL continues to operate restaurants in the North and East regions.
The National Company Law Appellate Tribunal is now scheduled to hear the appeals of both the partners on September 21.
According to reports last week, in a separate development, the London Court of International Arbitration has said that a panel of independent experts should be appointed to determine the fair market value of the CPRL so that McDonald’s can buy out Bakshi’s stake in the JV.
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