LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

Bakshi case: NCLT issues show-cause notice to McDonald's Corp

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Tue, Sep 05, 2017
06:39 pm
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

The National Company Law Tribunal (NCLT) today issued show-cause notice to fast food major McDonald's Corporation and its Indian arm over the contempt plea filed by their estranged Indian partner Vikram Bakshi.

Besides, the tribunal dismissed another plea by Bakshi challenging termination of the franchise license of 169 outlets by McDonald's, run by their 50:50 joint venture -- Connaught Plaza Restaurant Ltd (CPRL).

Bakshi had filed a contempt petition alleging that by terminating the license the US-based food giant has violated the NCLT order dated July 13 which reinstated him as the Managing Director of CPRL and also refrained McDonald's Corporation to interfere in the functioning of CPRL.

McDonald's and its Indian subsidiary contended that as they have already filed an appeal against NCLT's order before the National Company Law Appellate Tribunal (NCLAT), it should not be admitted at this stage.

Not consenting with it, NCLT bench headed by Chairman Justice M M Kumar said: "It has been argued that on account of filing an appeal before the NCLAT, notice in the present application for contempt may not be issued. However, we are unable to accept the submission".

The tribunal further directed McDonald's, MIPL and other respondents to reply the "notice to show cause" by September 20.

On the other hand, the tribunal did not admit Bakshi's plea over termination of the operating license.

NCLT said it was "of view that this application at this stage would not be maintainable because both... have filed their respective appeals which are pending before the NCLAT".

Moreover, the tribunal also observed that Justice G S Singhvi, who has been appointed as administrator on the board of CPRL by it, has granted permission to Bakshi to approach the NCLAT to seek relief.

"Both the appeals are pending consideration before NCLAT and propriety demands that any such application for interim relief be preferred before NCLAT," the tribunal said, while dismissing Bakshi's plea over termination of license with the JV firm.

However, the NCLT bench, which also consisted technical member S K Mohapatra, also said:" We make it clear that we have not considered the issues on merit and this order shall not be construed to have expressed any opinion on the controversy".

Bakshi has been at loggerheads with the fast food chain over the management of CPRL after he was ousted from the post of MD of the McDonald's franchisee in August 2013.

McDonald's India had asked CPRL not to use its brand system, trademark, designs and its associated intellectual property, among others, within 15 days of the termination notice which gets over on September 6.

Bakshi had moved the NCLT following termination of license by McDonald's India Pvt Ltd (MIPL).

In June, 43 outlets of the fast food chain were closed in the capital following expiry of eating house licenses.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Samsung Chief Jay Y Lee sentenced to 2.5 years in jail

​Money fraud, cyber crime alert! Stay extra cautious on weekends - Mumbai Police writes to RBI, seeks this action

WhatsApp Web users' Phone numbers available on Google Search? Know how to stop it

Himachal Pradesh Panchayat Samitis, Zila Parishads Elections Results 2021: Check counting date

PUBG Mobile India launch tomorrow? Check trailer and other reports and latest updates

Market Guru Anil Singhvi analyses current bull trend, reveals Nifty, Bank Nifty levels for traders

Rakesh Jhunjhunwala Portfolio: Big Bull books over 32 pct partial profit in this stock; earns around Rs 40.5 cr

ICICI Securities' Nifty target is 16300 over 12-18 month period

GST: Never claim fake Input Tax Credit (ITC) in greed of money, else this will happen - Modi government is watching you!

Stocks in Your Budget 2021 – JTEKT India a TOP pick says Market Guru; Explains why it is a candidate for your portfolio

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved