The London Court of International Arbitration in its September 12 order had directed Bakshi to sell his stake in the joint venture, Connaught Plaza Restaurants Pvt., to McDonald’s India Pvt.
By a 2-1 majority, the London court in its partial award had asked Bakshi to transfer his 1,45,600 shares to McDonald’s at a fair valuation in accordance with their joint venture agreement.
Justice Sanjeev Sachdeva issued notice to Bakshi and sought his response to the plea by December 7, the next date of hearing.
McDonald’s India, represented by senior advocate Rajiv Nagar, in its plea has also asked for extension of an interim order passed by the high court in 2013 to maintain status quo regarding the shareholding in Connaught Plaza Restaurants.
In view of the submission by Bakshi’s lawyers, the court did not pass any interim orders. It, however, said that Bakshi, and his company, Bakshi Holdings, would be bound by the statement.
As carried in BQ on 29/9/2017