Vikram Bakshi

Bakshi's counsel sought permission to withdraw the application seeking permission to travel and requested the NCLAT to allow his wife to travel

Appellate tribunal asks Bakshi and his wife to deposit Rs 5 crore each as security before flying out of the country

Two-member bench headed by Justice S J Mukhopadhaya says prima facie there is a case for deal to be stayed for now and the case to be heard on merits

The appellate tribunal was hearing an intervention plea by HUDCO, claiming dues of Rs 195 crore from Bakshi

US food major's JV partner was reinstated as the MD of the Connaught Plaza Restaurants on Thursday

After dozens of hearings and nearly four years of court drama, Vikram Bakshi, ousted managing director of Connaught Plaza Restaurants Pvt Ltd (CPRL), is set to regain his position. The principal bench of the National Company Law Tribunal (NCLT), a quasi-judicial body overseeing company affairs, has reinstated him; an order it issued on Thursday declared the steps towards his ouster in August 2013 "illegal, unlawful, unjust and malicious". The NCLT bench of M M Kumar, president, and S K Mohapatra, member, also appointed an administrator, former Supreme Court judge G S Singhvi, to "break the impasse" on the board of directors. He is to get equal voting power as any other board member of CPRL. Appointment of an administrator with voting power is crucial in the matter as the current board is represented by two members each from either party, McDonald's and Bakshi, and are at loggerheads. Reaching any conclusive decision is thus impossible under such a representation. To re-elect ...

Bakshi is currently fighting against McDonald's on his removal from the position of MD