Vikaram Bakshi's appeal has been denied by NCLAT on his challenge to stay on termination of franchise agreement done by McDonald's to operate 169 stores which are run by CPRL.
Yesterday, NCLT has discarded Bakshi's petition against the cancellation of franchise license agreement to CPRL by which Bakshi moved to the court for the appeal and today his appeal will be heard by NCLAT.
Bakhsi said: "Our appeal in front of National Company Law Tribunal (NCLT) is to be heard tomorrow [Thursday]. The administrator on the board of CPRL in the board meeting today [Wednesday] has asked both sides to await National Company Law Appellate Tribunal's (NCLAT) decision tomorrow."
A McDonald's India spokesperson said: "We are looking to take steps to exercise our legal and contractual rights to enforce the termination."
Bakshi claimed he has been elected again as Managing Director of CPRL by Justice GS Singhvi, he added, "Whilst the NCLT had restored my position as MD from 6 August,2013, in the board meeting today I have been elected as MD again for further perio."
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