Mumbai: The National Company Law Tribunal on Tuesday turned down a contempt petition brought in against American fast food chain McDonald's Corporation. Vikram Bakshi, estranged partner of the US based company, had challenged termination of franchise agreement by McDonald's.
"NCLT dismisses Vikram Bakshi's plea challenging termination of franchise agreement by McDonald's," PTI reported on Tuesday. The company law tribunal has asked Bakshi's counsel to seek relief from appellate tribunal where matter is already pending.
Besides, the NCLT has issued show-cause notice to Mcdonald's Corporation over contempt petition filed by Bakshi. Earlier, the American fast food chain had terminated franchise licence agreement to run 169 outlets in the North East.
Bakshi accused McDonald’s Corporation of mismanagement and oppression in his plea before the NCLT. He also alleged interference by the US firm into the affairs of their 50:50 joint venture -- Connaught Plaza Restaurant (CPRL).
Bakshi's lawyer Tejas Karia in his submission to the court had argued that by terminating the agreement with CPRL, McDonald's has violated the NCLT order dated July 13.
On July 13, the NCLT had reinstated Bakshi as MD of CPRL and also barred McDonald’s Corporation from interfering in the functioning of CPRL. McDonald's Corporation is the parent company of McDonald’s India (MIPL)....