Vikram Bakshi challenges McDonald’s termination notice

Vikram BakshiVikram Bakshi, the ousted managing director of Connaught Plaza Restaurants Private Ltd (CPRL), has accused joint venture partner McDonald's of using invasive tactics to bring the JV to a grinding halt.

On 3rd of December, McDonald's Corp's senior vice president & international relationship partner Robert Larson wrote a letter to the company's Delhi team, declaring that the fast food chain's joint venture with Connaught Plaza Restaurants had been terminated.

In a letter to his colleagues, Bakshi challenged McDonald's notice that reportedly stated termination of the fast food chain's agreement with him. He termed the notice as `illegal' and `not binding'. He also warned that he could tale legal action against McDonald's.

Challenging the notice, he wrote in the letter, "The termination notice is in gross violation of the orders passed by the Company Law Board. We would be taking appropriate steps as advised by our legal team with respect to this oppressive act too."

He also argued that the attempt by McDonald's to terminate its agreement with him would not have any bearing on the shareholding pattern, composition of board and the working of company.

Currently, each of Connaught Plaza Restaurants and McDonald's holds 50 per cent stake and has two nominees on the JV's board.