McDonald’s Reaches Out-Of-Court Settlement With Vikram Bakshi
U.S. fast food chain McDonald's said it has reached an out-of-court settlement with estranged partner Vikram Bakshi, buying out the former partner from their joint venture that operated outlets of the chain in north and east India.
Connaught Plaza Restaurants Pvt. Ltd. is now a wholly owned by McDonald's India Pvt. Ltd. and its affiliate McDonald's Global Markets LLC, following the completion of a settlement reached with Bakshi, the company said in a statement.
As part of the agreement, MGM has acquired 50 percent voting equity shares in CPRL, held by Bakshi and his affiliated entity since inception. CPRL operates McDOnald's outlets in north and east India. The company, however, did not disclose financial details of the settlement.
On Monday, the estranged partners McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their over five-year-old dispute.