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.
Clouds will gradually thicken, especially after noon, so the end of the eclipse at 1:15 may not be as easy to see. There is high confidence for partly cloudy to mostly cloudy skies and low confidence for rain during the eclipse.
Madsen was arrested Friday hours after his 40-ton, almost 18-meter-long (60-foot-long) submarine sank off Denmark's eastern coast. She divided her time between New York and Beijing and had written for the New York Times , Time Magazine and the Guardian .
Trump also expressed distaste for removing statues of Confederate commanders in a heated news conference on Tuesday. Amid the controversy, the White House knocked down rumors that Trump economic adviser Gary Cohn might resign.
A special MCOCA court had earlier ruled that the Anti-Terrorism Squad had wrongly applied this law against Purohit and 10 others. Purohit, however, said he was there to spy on the group members and had kept his seniors in the loop on all developments.
On the tackle, Mourinho said: "There is always a risk but Paul is a clean player, he wants to play football all the time". Pogba scored five goals in 30 Premier League appearances last season following his then world-record return from Juve.
Amid all the cancer-causing talk that comes with the topic, Oliver was quick to add that he is "not a nuclear scientist". Oliver then compared the political mood to being "on a carousel that will not stop".
Anti-IS coalition forces estimate that between 50,000 and 100,000 civilians remain in and around the city. Iraqi army fire against Islamic State militants on the outskirts of Tal afar, Iraq, August 20, 2017.
Perine, who gained 45 yards on eight carries, also appeared to handle protection duties better, proving to be a quick study. Other than that, Cousins missed high, or stuck with his initial reads and left open receivers crying for the ball.
His logic was that with images of the "beautiful" Guam being all over the news, people would be more interested in going there. Trump understands China's efforts to resolve the issue, the report said, and both leaders agreed to keep in close contact.
Mourinho was hugely impressed not only by Ibrahimovic's 28 goals in his first season and his influence in the dressing room. United boss Jose Mourinho is impressed with the Swede's rehabilitation and his determination to resume his playing career.
Dortmund begin Bundesliga campaign with 3-0 victory
Dortmund manager Peter Bosz vows to focus only on the players in his squad while Ousmane Dembele remains on strike. Pulisic grades goal: 'B .' "I would probably give my goal a B grade", the 18-year-old said after the game.
White House: Trump will watch eclipse with first lady
The next annual solar eclipse will be on October 14, 2023, but will not be visible to all of the continental U.S. Observers in Washington, D.C., will see a partial eclipse, which is expected to hit its peak at 2:42 p.m.
How to Make a Pinhole Projector to Watch Solar Eclipse
Even the conditions seem to be in favour of all the eclipse lovers, as the weather in OR and Tennessee would have clear skies. The next total solar ecplise in the US will not be until seven years later, so people are urged to see it while they can.
Gionee X1 Launched in India at Rs 8999
The company is said to have plans to introduce a new line of products, and it is starting off with the newly announced Gionee X1 . Connectivity options include 4G, Wi-Fi 802.11 a/b/g/n, Bluetooth 4.2, GPS, USB OTG, 3.5mm audio jack, and MicroUSB 2.0 port.