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McD strikes out-of-court settlement with Bakshi

NEW DELHI: US fast meals chain McDonald's on Thursday stated it has reached an out-of-court agreement with estranged spouse Vikram Bakshi, buying out the previous spouse from their joint venture that operated outlets of the chain in north and east India.

Connaught Plaza Restaurants Pvt Ltd (CPRL) is now wholly owned by McDonald's India Pvt Ltd (MIPL) and its associate (McDonald's Global Markets LLC, "MGM"), following the of completion of a agreement reached with Bakshi, the company stated in a observation.

As a part of the agreement, MGM has acquired 50 in keeping with cent balloting fairness shares in CPRL, held by Bakshi and his affiliated entity since inception.

CPRL operates McDonald's outlets in north and east India.

The company, on the other hand, did not disclose financial main points of the agreement.

On Monday, the estranged companions McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court agreement to finish their over 5-year-old dispute.

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