In a public notice the company said: Vikram Bakshi has ceased to be the managing director of Connaught Plaza Restaurants pursuant to expiration of Bakshis term on July 17. In the public notice McDonalds said, CPRL is now being managed by its board of directors.
When contacted, Bakshi told FE in an email reply: This matter is in legal domain, and is being addressed by my lawyers. I have absolutely no interest to sell my stake and have had no discussion with anyone to this effect. I continue to be a director on the board and JV partner with control of 50% equity in the JV company.
Connaught Plaza Restaurants is McDonalds Indias 50:50 JV with Bakshi and operates over 150 McDonalds restaurants in northern and eastern India under a non-exclusive licence.
In June this year, Bakshi had said that Connaught Plaza Restaurants planned to invest up to R500 crore to double total number of outlets of the American fast food chain to 300 by 2015.
McDonalds has been operating in India for over 15 years with a network of over 310 restaurants across the country.
The fast food chains operations in west and south India is run by the BL Jatia Group-owned Hardcastle Restaurants under a development licence from McDonalds Corporation, USA.
An email sent to Hardcastles vice-chairman Amit Jatia seeking a response went unanswered.