McDonald’s case: NCLAT asks both parties to settle row among themselves

The order came during the hearing of McDonald’s appeal against the National Company Law Tribunal’s July 13 order that reinstated Bakshi as managing director of Connaught Plaza Restaurant (CPRL), its 50:50 JV firm with Bakshi that outlets in north and east India. Following that, McDonald’s on Monday terminated its franchise agreement with CPRL. McDonald’s India spokesperson said: “We are examining the matter at the moment and will get back when we have anything to share.”

Bakshi said his stand for a fair settlement remains unchanged. “A settlement as per the laws of this sovereign, democratic republic of India, prescribes a fair market value as per the RBI guidelines. My stand for a fair settlement remains unchanged,” Bakshi said.

When asked about giving the undertaking that he will not pursue the criminal cases against McDonald’s executives, he said: “The laws of this country need to be respected and not trivialised by anyone who is bound by them. So why fear them if one is not guilty of violating them?”

He further said the Indian directors have been subjected to criminal cases and on behalf of the company, both directors have had to appear in various police stations while the foreign directors have conveniently stayed away from the shores of the country even though they as directors were also accused in these cases. “We shall adhere to the directions given to us by the NCLAT and we hope as foreign nationals on the Board of an Indian company, they shall abide by Indian laws,” he added.

(With FE & PTI inputs)