Connaught Plaza Restaurants controls the franchise to run McDonald’s stores in north and east India.
At the August 6 meeting, two members of the board (Vikram and wife Madhurima) had supported his continuation as managing director, while two (McDonald’s officials) had opposed it.
Bakshi’s term as managing director had lapsed on July 17.
Earlier, the process of nominating the managing director was virtually automatic, with Bakshi being re-elected in the normal course.
Bakshi would appeal in the Company Law Board against a notice by McDonald’s publicly stating he wasn’t the managing director, as, according to him, the issue hadn’t been resolved yet.
He would also challenge the “differential treatment” by McDonald’s towards its two partners in the country and putting undue restrictions on Bakshi.
McDonald’s also has a tie-up with B L Jatia Group’s Hardcastle Restaurants (a subsidiary of Westlife Development), which has the franchise to run stores in west and south India.
In 2011, the Jatias bought McDonald’s stake in the company and secured a development licence to run the chain.
According to sources, the estrangement started in 2008 when McDonald’s offered Bakshi $10
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