Justice G S Singhvi, who has been appointed administrator on the board of CPRL, today deferred the meeting to August 29 after the representatives from fast food major McDonald's did not turn up.
Connaught Plaza Restaurants Ltd (CPRL), an equal joint venture between McDonald's India and entrepreneur Vikram Bakshi, has four board members -- two foreign directors from McDonald's, along with Bakshi and his wife.
The directors of McDonald's did not show up for the CPRL board meeting scheduled today, as directed by the NCLT to resolve issues between the fast food giant and Bakshi.
"The board meeting is cancelled. I have heard the two members of the board and posted it on August 29 because two of the directors representing McDonald's did not attend," Justice Singhvi told PTI.
McDonald's today terminated the franchise agreement for 169 out of its 430 fast food outlets in the country, alleging breach of contract terms and payment default by the operator of the franchise in north and east India.
While reinstating Bakshi as the MD of CPRL last month, the NCLT had appointed Singhvi, a former judge of the Supreme Court, the administrator for the meeting to sort out issues, including re-opening of the 43 restaurants whose operations have been since suspended.
Responding to the termination notice, Bakshi said the decision is an open challenge to the NCLT judgment, which had directed the CPRL board to meet to discuss various issues.
Disclaimer: No Business Standard Journalist was involved in creation of this content
