Company Law Board adjourns its hearing on McDonald's dispute to October 3

NEW DELHI: The Company Law Board ( CLB) today adjourned its hearing of the petition filed by Vikram Bakshi, the estranged Indian partner of American food chain major McDonald's, to October 3.

The CLB also directed Vikram Bakshi to file rejoinder over the reply filed by McDonald's and other respondents within a week.

Meanwhile, the CLB said its interim order passed on September 16 to maintain status quo on shareholding and board pattern and right to call option, would continue till the next hearing.

CLB member B S V Prakash Kumar would hear the case on two days, October 3 and 4.

CLB's direction came over a petition filed by Indian partner of McDonald's Vikram Bakshi challenging his removal as the Managing Director of their joint venture.

In a public notice on August 30, McDonald's India said: "Vikram Bakshi has ceased to be the Managing Director of Connaught Plaza Restaurants pursuant to expiration of Bakshi's term on July 17."

Incorporated in June 1995, CPRL is a 50:50 joint venture between McDonald's Corporation and Vikram Bakshi and it has been running fast food outlets in North and East India.

In his petition to the CLB, Bakshi had accused the American fast food chain "of implementing a pre-determined scheme of attempt to take over the Company (CPRL) in a coercive, oppressive and illegal manner contrary to law".