Vikram Bakshi, the recently restored Managing Director of Connaught Plaza Restaurant, today spoke in favour of the National Company Law Tribunal’s decision to give him his position back after he was sacked. The joint venture between CPRL and McDonald’s runs the restaurant chains all over north and east India. Bakshi had a fallout with the American fast food giant and the MNC had sacked him from his position. Bakshi told CNBC, “I feel fully vindicated and elated as NCLT put the system to let the company go back to its original way of working. NCLT has stated that all steps pursuant to my ouster were wrong. Hope that its decision will invoke some normalcy between both parties. McDonald’s India had issued a public notice announcing the termination of Bakshi’s tenure as the Managing Director, following which Bakshi had contested this decision, according to PTI.
The NCLT Bench headed by Justice M.M. Kumar in its decision said, “The status of Mr Vikram Bakshi as Managing Director of CPRL is restored. He shall continue to act as Managing Director of CPRL subject to the passing of any resolution under the Chairmanship of the administrator.” It called his removal illegal, unjust and mala fide.
Bakshi in his statement added, “We believe that NCLT order has far-reaching effects. Arbitration has started only after my non-election as MD. Normalcy would return when both parties can sit across a table and talk. I do not believe that the joint venture is not durable because of the legal tussle. It can continue to be sustainable even post NCLT verdict. We have put in efforts to build the McDonalds brand in India. We should be trying to save it, not destroy it. I don’t think there are any differences that cannot be worked upon.”
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Asked about his future goals with respect to the joint venture, Bakshi said, “I will be open to selling stake if a proper valuation is offered.” Meanwhile, McDonald’s India is exploring legal options after NCLT’s decision, according to PTI. MIPL in an official statement said, “We respect the decision of the NCLT. We are examining the judgement and exploring our legal options in the matter.”