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Vikram Bakshi to move CLB

Looking to challenge his removal as MD

Tags: retailer news, retail news, Vikram Bakshi

September 04, 2013  |  comments ( 0 )  | 
Vikram Bakshi to move CLB

Vikram Bakshi, the estranged partner of McDonald's aims to move Company Law Board (CLB) to seek his reinstatement as the managing director of their equal joint venture. In his petition, he is likely to ask the Company Law Board (CLB) to stop the US company from interfering the operations of the JV, Connaught Plaza Restaurants Ltd, which runs 154 McDonald's outlets in the northern and eastern parts of India. Bakshi, who was the managing director of the JV for 17 years, and his 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 Bakshi had ceased to be the managing director of the joint venture. A person familiar with the situation said Bakshi will challenge the striking down of his reappointment on the basis of 'certain provisions of the shareholder agreement', but refused to elaborate on what these provisions were.


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