New Delhi: The National Company Law Appellate Tribunal, ie NCLAT, has given a big shock to CPRL owner Vikram Bakshi and has banned him from going abroad without permission. NCLAT has also barred the mutual agreement between McDonald's and its Indian partner CPRL owner Vikram Bakshi. NCLAT has said it will review the deal between veteran American fast-food chain McDonald's and its subsidiary in north-eastern India, Connaught Plaza Restaurants Private Limited (CPRL).
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According to the tribunal, the deal will be reviewed by CPRL owner Vikram Bakshi to sell his shares in CPRL to McDonald's. A two-member bench headed by Justice SJ Mukhopadhyay said that the agreement reached between the McDonald's and Vikram Bakshi was prima facie a violation of the orders of the Debt Recovery Tribunal (DRT) and its implementation should be stopped.
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The two companies had the rights to run McDonald's stores in India. Under this, the company's stores in North and East India were run by Vikram Bakshi-controlled CPRL, while for West and South India, this right was with Amit Jatiya-controlled Westlife Development. CRPL acquired the rights to run the McDonald's store for the next 25 years in 1995 with a 50:50 partnership. Explain that there is a dispute between McDonald's and CRPL.