NCLT issues show-cause notice to Mcdonald’s Corporation over contempt petition by Bakshi. NSEBSEWestlife DevelopmentLoading data…
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ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES The National Company Law Tribunal (NCLT) on Tuesday dismissed Vikram Bakshi’s appeal challenging termination of franchise agreement by McDonald’s.
According to reports, NCLT also asked Bakshi’s counsel to seek relief from appellate tribunal where matter is already pending.
“NCLT issues show-cause notice to Mcdonald’s Corporation over contempt petition by Bakshi,” according to PTI.
Shares of Westlife Development, which operates the American fast food giant McDonald’s outlets in south and west India, may see some traction after the reports on Wednesday. The scrip closed 0.16 per cent up at Rs 244.30 on Tuesday.
McDonald’s on August 21 terminated franchisee agreement for the 169 outlets in north and east that were operated by Connaught Plaza Restaurant Ltd (CPRL), the joint venture (JV) with Bakshi.
As part of the termination, CPRL has ceased to use McDonalds’s name, system, trademark, designs and its associated intellectual property, among others within 15 days of the termination notice.
Bakshi was ousted from the post at the McDonald’s franchisee in August 2013, following which he approached the NCLT in September the same year. He has been at loggerheads with McDonald’s over management of CPRL.