new delhi mcdonalds terminating the joint venture agreement with vikram bakshi was not a good act and is in violation of interim orders passed by the company law board the indian partner argued today it is not a good act it acted termination notice in bad faith the subject matter of the present is still proceeding before the clb this is an attempt to ouster me from the joint venture under valued said bakshis counsel s n mukherjee before the company law board clb it interfered in the pending proceedings and was violation of the interim orders passed by the board he said adding that it happened when the jv has started performing well and started making profits after 18 years of of operation mcdonalds on november 28 terminated its joint venture agreement with vikram bakshi by sending a notice and had simultaneously moved to the london court of international arbitration to settle the ongoing legal dispute mukherjee submitted that grounds taken in the termination were identical of august 6 this year when mcdonalds had decided not to elect him the managing director of connaught plaza restaurants ltd cprl their jv firm on september 16 the clb had directed to maintain status quo with respect to shareholding and board pattern and the right of the call option until its further order incorporated in june 1995 cprl is a 5050 joint venture between mcdonalds corporation and vikram bakshi and it has been running fast food outlets in north and east india according to mukherjee in the termination notice mcdonalds had alleged that bakshi and his holding firm had conflict of interest with some other businesses and it was violative of section 24 which has noncompetitive clauses however section is void and non enforceable and is still subject matter before the clb he added mcdonalds india has alleged that bakshi had conflict of interests and was running business as the kebab express the legends of india savoy which has bars and coffee shop the clb member b s v prakash kumar posted the matter for tomorrow for further hearing the board was hearing a petition filed by vikram bakshi challenging his removal as the managing director of the joint venture in a public notice on august 30 mcdonalds india said vikram bakshi has ceased to be the managing director of connaught plaza restaurants ltd cprl pursuant to expiration of bakshis term on july 17 pti published on dec 17 2013 at 1033 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your