Vikram Bakshi, former MD of Connaught Plaza Restaurant (CPRL) on Wednesday told the Company Law Board (CLB) that McDonald's India cannot force a sale of his stake in the JV company.
He reiterated his stand that he is not interested in acquiring the rights to use McDonald's brand in India.
The partnership between the US fast-food chain and Bakshi is housed in CPRL, a 50:50 JV that was formed in 1995. Bakshi's term as CPRL's MD expired on July 17, 2013. On August 30, McDonald's issued notices in newspapers saying Bakshi had ceased to be MD. In September, Bakshi moved the CLB for his reinstatement.
Bakshi's counsel told the tribunal his client deserves a fair valuation and circumstances that provide for exercise of the call option by MIPL had not been triggered. He added the fast food giant had raised mala fide grounds against the former MD and was seeking to oust him from the JV company after 18 years.