back shares as detailed herein above,” Bakshi's petition states.
He has gone out to state that this attempt of forcibly buying out the shares of the joint venture firm in north and east is not an isolated incident as there are may previous JVs across Asia where the conduct of McDonald's has been similar.
He has named markets such as Thailand, Indonesia and Pakistan.
When contacted for a response to Bakshi's allegations in the petition, a McDonald's spokesperson said that the matter is now before courts and that they will make their comments in the appropriate forum.
Bakshi claimed that since 2008, when the JV started making profits, McDonald's has been trying to buy him out of the company. The first offer was made in August 2008 for $5 million, which he said was "categorically rejected".
He further said his proposal for appointment a third-party evaluation of his interest was rejected by McDonald's and instead the offer to buy his entire shareholding in CPRL
was increased from $5 million to $ 7 million.
That all was not well between Bakshi and McDonald's also comes to light from another fact mentioned by the former in his petition that the latter since 2008 stifled his remuneration as MD so much so that he was not given a raise at the rate given to all the employees of the company in the last four years. “McDonald's prevented the increase in remuneration on frivolous, baseless and supposedly technical grounds,” Bakshi's petition has stated.
Bakshi has also alleged that Mcdonalds had attempted to stifle CPRL's growth.