Burger and fries major McDonald’s India has sought more time to consider estranged partner Vikram Bakshi’s proposal to buy out his stake in the joint venture.

In a related development, Bakshi has approached the Delhi High Court seeking a stay on the arbitration proceedings initiated by McDonald's India (MIPL) in a foreign tribunal.

During a hearing before the Company Law Board in January, Bakshi had pitched to buy out his 50 per cent stake in the joint venture with the American fast food major. MIPL too had made a counter-proposal, offering to buy out the former Managing Director’s stake at the earlier offered valuation of $7 million.

Connaught Plaza Restaurant Ltd (CPRL) is a 50: 50 joint venture between Bakshi and McDonald’s India Pvt Ltd. It was incorporated in 1995 and has been operating fast food outlets in North and East India.

The CLB, on Thursday, asked McDonald’s to file its response by May 15. Additionally, it has set the next date of hearing for June 30-July 1.

Meanwhile, Bakshi has approached the Delhi High Court seeking a stay on the arbitration proceedings initiated by McDonald's India (MIPL) in a foreign tribunal.

Bakshi moved an application under Section 9 of the Conciliation and Arbitration Act, which deals with foreign arbitration and foreign tribunals.

In his plea, Bakshi said that McDonald’s has defied Indian jurisdiction by approaching the London Court of International Arbitration.

In August last year, MIPL had announced that Bakshi had ceased to operate as the Managing Director from July 17. Bakshi had moved the Company Law Board (CLB) in September seeking reinstatement as MD of CPRL. Bakshi had said that the fast food major was trying to oust him from the venture in various ways since 2008.

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