McDonald's estranged India partner Vikram Bakshi on Wednesday said dissolution of the joint venture with the USA fast food chain was the only solution to end the dispute between the two.
McDonald's India had a 50:50 joint venture with CPRL, a company led by Vikram Bakshi.
All those restaurants will have to stop using McDonald's name, trademarks, designs, branding, and recipes within 15 days of the termination notice, McDonald's said.
McDonald's said it felt "compelled" to take the aggressive action because its partner in the country, Connaught Plaza Restaurants Pvt Ltd (CPRL), had broken the terms of their franchise agreement. Bakshi said the decision was a "big shock", according to Reuters, and is now studying his company's legal options. In return, the United States company made a Rs 48-50 crore offer for Bakshi's stake.
"This is a completely contemptuous, malafide and yet another oppressive act indulged in by the McDonald's", Bakshi was quoted as saying.
Estranged partner bases valuation on Rs 5000-crore market value of Westlife, which runs McDonald's in west & south India.
The situation deteriorated when Bakshi, who was removed as Managing Director of CRPL in August 2013, was reinstated by the National Company Law Tribunal (NCLT) on July 13. "One of the items on the agenda was to discuss the reopening of the 43 restaurants whose operations lie now suspended", Bakshi added.
The local partner "has failed to remedy the breaches, despite being provided with an opportunity to do so in accordance with the agreements", McDonald's India said.
McDonald's did not comment on the court dispute in its statement on Monday, but said it would try to mitigate the impact on employees, suppliers and landlords affected by the closure of the outlets. McDonald's said that Bakshi did not take the company's approval before pledging his shares.
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