An apex corporate tribunal on Thursday restored Vikram Bakshi as Managing Director of Connaught Plaza Restaurants Pvt Ltd. The decision is expected to pave the way for the reopening of over 40 McDonald's outlets in Delhi after an almost fortnight-long closure.
The National Company Law Tribunal (NCLT) decision assumes significance as Connaught Plaza Restaurants is the 50:50 joint venture (JV) between McDonald's India Pvt.
Ltd. (MIPL) and Bakshi.
The company runs McDonald's outlets in North and Eastern part of India. Bakshi was removed as MD of the company in August 2013.
On its part, MIPL said: "We respect the decision of the NCLT. We are examining the judgement and exploring our legal options in the matter."
Thursday's decision is expected to aid the company in reopening of over 40 of its restaurants in the national capital, as certain regulatory requirements to be fulfilled by an MD can now happen.
On June 29, the company had temporarily suspended operations of more than 40 of its restaurants in Delhi after the "Eating House Licences" of a number of outlets expired.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)