NCLAT hauls up Vikram Bakshi, asks him to deposit security to go abroad

Appellate tribunal asks Bakshi and his wife to deposit Rs 5 crore each as security before flying out of the country

The National Company Law Appellate Tribunal (NCLAT) came down heavily on the former McDonalds India promoter Vikram Bakshi and observed that he had committed a fraud by not following the Debt Recovery Tribunal (DRT) orders prohibiting sale of his shares in the company.

Bakshi, the former head of McDonalds India Private Limited, and his wife Madhurima Bakshi had on Wednesday moved an application seeking permission to go abroad. The court, while accepting their plea, said they must deposit Rs 5 crore each as security by Thursday before flying abroad.

“The fraud has already been played by you by selling shares in violation of