Vikram Bakshi Restored As Connaught Plaza Restaurants’ MD: Settlement On The Cards?

After being reinstated as the managing director of Connaught Plaza Restaurants Pvt Ltd (CPRL) following orders by the National Company Law Tribunal (NCLT) earlier this week, McDonald’s India’s joint venture partner in north and east India, Vikram Bakshi has hinted towards reopening the 43 outlets that were recently shuttered in Delhi and sorting the issue looming over the remaining McD outlets in the NCR region. This may also mean that a mutual settlement is on the cards.

“I have a few options on how to go about reopening them which I can’t disclose now,” Bakshi said. “We will discuss it in the board meeting which will be convened soon,” he told The Economic Times.

The NCLT, while restoring Bakshi’s position as MD on Thursday, deemed his dismissal “illegal, unlawful, unjust and malicious.” “We respect the decision of the NCLT,” McDonald’s India spokesperson Barry Sum said. “We are examining the judgment and exploring our legal options,” he said.

However, Bakshi’s reinstatement as managing director at CPRL will eventually be subject to the company board meeting under the supervision of NCLT-appointed administrator, former Supreme Court judge G S Singhvi, who’s voting powers will be the same as all other board members.

Meanwhile, Vikram Bakshi declared in a statement that he was “always willing to smoke the peace pipe. I am telling McDonald’s let bygones be bygones.” And as reported earlier, McDonald’s India perceives this as a mere glitch in their bigger clockwork, and has even deemed it a mere “local issue” in their Delhi wing. So do we see reconciliation between the estranged parties anytime soon?

 

Source: The Economic Times

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