 "Sell CPRL stake to McDonald's: UK arbitration court to Bakshi")
The London Court of International Arbitration (LCIA) has asked Vikram Bakshi, the estranged partner of McDonald's in India, to sell his stake in the JV firm CPRL to the US-based fast food chain, said sources.
In its 2:1 majority award, the arbitration panel has asked Bakshi to transfer his 1,45,600 shares in the 50:50 joint venture Connaught Plaza Restaurant Ltd (CPRL) to McDonald's at a fair valuation in accordance with their JV agreement, sources added.
The international arbitration tribunal in London has also rejected Vikram Bakshi's claim that McDonald's India did not validly terminate the JV.
The LCIA has also rejected Bakshi's relief seeking a declaration that the JV agreement remains in force and effect, they said.
It has also asked Bakshi to cooperate with McDonald's in obtaining all approvals under applicable law.
There were no immediate comments from McDonald's India and Bakshi.
In its 2:1 majority award, the arbitration panel has asked Bakshi to transfer his 1,45,600 shares in the 50:50 joint venture Connaught Plaza Restaurant Ltd (CPRL) to McDonald's at a fair valuation in accordance with their JV agreement, sources added.
The international arbitration tribunal in London has also rejected Vikram Bakshi's claim that McDonald's India did not validly terminate the JV.
Also Read
It has also asked Bakshi to cooperate with McDonald's in obtaining all approvals under applicable law.
There were no immediate comments from McDonald's India and Bakshi.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%