Studying arbitration panel ruling, legal options: Vikram Bakshi

The international arbitration tribunal in London has rejected Bakshi's claim

McDonald's estranged partner Vikram Bakshi today said his side is looking into the "partial award" given by an international arbitration panel, its implications and legal options.

Stressing that his side would "look to the rule of law to protect investment" of various parties involved in the fast food chain business, Bakshi also said his side was ready "to collaborate with anyone in order to achieve a positive outcome for all stakeholders".

A three-member arbitration tribunal on September 12 directed determination of a fair market value and purchase price of share of Bakshi and Bakshi Holding Pvt Ltd in Connaught Plaza Restaurants Ltd (CPRL) for transfer to joint venture partner McDonald's India Pvt Ltd (MIPL), persons familiar with the order said.

The international arbitration tribunal in London has also rejected Bakshi's claim that McDonald's India did not validly terminate the JV.

Bakshi said: "We are carefully considering the partial award given by the tribunal, its implications as well as our legal options."

However, reiterating the verdict of the NCLT of July 13, 2017, which reinstated him as the MD of CPRL, Bakshi said the order "speaks for itself".

Stating that CPRL's business involved "thousands of Indian employees, suppliers, landlords and their business associates", he said: "We look to the rule of law to protect and safeguard theirs and our investment."

Bakshi further said: "We stand ready to collaborate with anyone in order to achieve a positive outcome for all stakeholders.