On August 30, McDonald's had announced in a public notice that Bakshi would no longer be the India MD and the JV would be run by the board.
Hudco had in 2006 given a loan of Rs 62.38 crore to Bakshi's private venture, Ascot Hotels and Resorts, for a commercial project in Noida. The loan, however, turned NPA in 2011.
The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
The war of words that has broken out between Vikram Bakshi and McDonald's Corporation is the latest in the long list of ugly spats between Indian businessmen and their overseas collaborators.
As part of the agreement, McDonald's has acquired 50 per cent voting equity shares in Connaught Plaza Restaurants, held by Bakshi and his affiliated entity since inception.
Bakshi said the attempt by McDonald's to terminate its agreement with him was illegal and not binding and would have no bearing on the shareholding pattern (the partners hold 50 per cent each), board composition (both sides have two nominees) or the working of the company.
Vikram Bakshi on Friday offered to sell his 50 per cent stake in Connaught Plaza Restaurants, the joint venture with McDonald's that operates fast-food restaurants in north and east India, for Rs 1,800 crore (Rs 18 billion).
The two parties have also approached the Delhi high court pleading that two earlier court orders be modified allowing Bakshi to sell his shares in Connaught Plaza Restaurant to McDonald's India.
Sukanya Verma raises a toast to the amazing Alka Yagnik's solo song supremacy.
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
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'People ask me about my biggest action sequence; this is it, because it involved two giants of Indian cinema.'
Bakshi had moved the application under Section 9 of the Conciliation and Arbitration Act, dealing with foreign arbitration and foreign tribunals.
Vikram Bakshi, the estranged partner of fast-food chain McDonald's, will seek reinstatement as managing director of the 50:50 joint venture Connaught Plaza Restaurants, with a plea to the Company Law Board seeking the 'deadlock' in the August 6 board meeting be resolved.
McDonald's has argued that the dispute with its Indian joint venture partner Vikram Bakshi should be referred to arbitration as per the clauses of their agreement.
Differences between Bakshi, his wife and McDonald's India emerged in mid-2013.
'If they aim to remain aligned with the public sentiment, as any democratic government should, then they must respond. Why else would the prime minister have cut short his visit to Saudi Arabia? And why would he have instructed the home minister himself to travel to Srinagar to assess the situation firsthand? This suggests that something is indeed being planned. I am quite certain of that, although the exact form it will take remains to be seen.'
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
Vikram Bakshi, who controls 50% in JV and was MD, weighs legal options
Revenue-share deals instead of fixed rentals will give retailers a better shot at profitability only over the long run.
McDonald's is adopting differential pricing, new formats and designs to stay relevant to customers who are spoilt for choice.
Fast food chain McDonald's India is planning to continue with its expansion and will open 40 more restaurants across the country during 2009-10.
A white paper will be released in Delhi on September 29 by the company that would give an insight into the current market-size of the retail food industry and the revenue it generates.
McDonald's is expected to draw profits from the Indian quarter from next fiscal.
McDonald's said on Friday it has signed an agreement with Hindustan Petroleum Corporation Ltd to open restaurants at the latter's retail outlets in Kolkata and Delhi.
Global fast food chain McDonalds, which entered India over a decade ago, plans to export dishes from its unique Indian menu to please the western palate, having tasted success in the middle-east market.
Food retailing major McDonald's opened its first restaurant at Kolkata's Park Street.
McDonald's India has charted out expansion plans to cover East India and said it will add 25 new restaurants this year to take its total to 110.
Food service retailer McDonald's said on Wednesday that it would open 14 restaurants this year with an investment of Rs 40 crore (Rs 400 million) and enter two more cities.
'It is not easy to pull off a seven-part show because it is almost like making four films at once.'
How to shield brand McDonald's? While consumers may have ignored the legal battles plaguing the franchise in north and east India, closure of restaurants is not something they are likely to ignore.
43 McDonald's outlets in New Delhi-National Capital Region were forced to down shutters following lapse of their eating-out or health licences in June.
'Indian Police Force encapsulates the same spirit, the essence of scale, the essence of action and that riveted rhythm that Rohit Shetty brings about, but is complete with absolute realism.'
CPRL Board may meet this week to decide if the outlets in the north and east of India can be kept open till the matter is settled in courts
Among the eight secretaries are Bansuri Swaraj, former Delhi chief minister Madan Lal Khurana's son Harish Khurana and Imprit Singh Bakshi.
In his petition to the Company Law Board filed on September 9, Bakshi said McDonald's began 'arm-twisting' him to sell his entire shareholding in Connaught Plaza Restaurants, the equal joint venture between him and McDonald's since 2008, at an 'undervalued' price of $5 million, later raised to $7 million.
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