McDonald's row: NCLAT refuses to pass interim order
This means the fate of 169 McDonald's stores in north and east India hangs by a thread as CPRL's licence to operate the outlets lapsed on September 5.
The National Company Law Appellate Tribunal today refused to pass any interim order on estranged partner Vikram Bakshi's plea against termination of franchise licence agreement by US-based fast food chain McDonald's.
This means the fate of 169 McDonald's stores in north and east India hangs by a thread as CPRL's licence to operate the outlets lapsed on September 5.
An NCLAT bench headed by Justice S J Mukhopadhyaya has issued a direction to list on September 21 Bakshi's licence termination petition along with the original one filed by McDonald's.
Bakshi had yesterday approached the National Company Law Appellate Tribunal (NCLAT) to stay the termination of franchise licence agreement by McDonald's for 169 stores operated by their joint venture Connaught Plaza Restaurant Ltd (CPRL).
CPRL is a 50:50 JV between McDonald's and Bakshi.
McDonald's on August 21 terminated franchisee agreement for the outlets in question operated by CPRL.
As part of the termination, CPRL cannot use McDonald's name, system, trademark, designs and its associated intellectual property, among others, from September 5.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
Small SIP, Big Impact: Rs 1,111 monthly SIP for 40 years, Rs 11,111 for 20 years or Rs 22,222 for 10 years, which do you think works best?
04:27 PM IST