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McDonald’s offers to buy out Vikram Bakshi
Posted On: 13-09-2013 02:45:32 AM

As per a report in Economic Times, McDonald's has offered to buy out estranged Indian partner Vikram Bakshi. This offer was made in the presence of the Company Law Board. Bakshi's lawyer, however, said that Bakshi isn't interested in selling. On the contrary Bakshi is looking for re-instatement as Managing Director.

McDonald's had removed Bakshi as Managing Director on August 6, prompting him to approach the Company Law Board. In a note submitted at the meeting, McDonald's alleged among other things that there weren't enough internal controls from 2007 to 2013 and that statutory auditors had highlighted inadequacies in internal controls. The note also alleged that Bakshi did not devote all his time to the business as he was director in 25 other companies and was a partner in three other firms. McDonald's cited all this to say that it had lost faith in Bakshi.

Bakshi denied all the charges before the law board. He further claimed that McDonald's had made repeated attempts earlier to buy him out, and had invoked the compulsory purchase by leveling wrong charges against him. His lawyer cited the company's track record in neighbouring countries such as Pakistan, Indonesia and Thailand to allege that McDonald's had always acquired the shares of local partners in this way.

 
 
 

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