McDonalds is ordered to reinstate Vikram Bakshi as the MD of Indias joint venture Connaught Plaza Restaurants Pvt. Ltd. The order was given by National Company Law Tribunal.
The following order was given as the fight between the two has costs suspension of 43 out of 55 stores in Delhi and unemployment, reported BusinessEx before.
McDonalds India said in a mail, We respect the decision of the NCLT. We are examining the judgment and exploring our legal options.
The NCLT order said, All steps taken in pursuance of non-election of Vikram Bakshi as Managing Director, are also declared illegal, unlawful, unjust and malicious. It further added that McDonalds is restrained from interfering with the smooth functioning of Connaught Plaza and all its 154 restaurants open in the assigned territory of North and East India.
The current board is represented by McDonalds and Bakshi and if this continues the solution will be difficult to find so a new board of member has been appointed with the powers to solve this matter by the court. The appointed candidate is Justice GS Singhvi, former judge of Supreme Court.