McDonald's on Wednesday submitted to the Company law Board that it refer for arbitration the US firm's dispute with its Indian venture partner Vikram Bakshi over not appointing him as the Manging Director.
Concluding the arguments, McDonald's said that as per the sections of the joint venture agreement with Connaught Plaza Restaurants Pvt ltd (CPRl), any dispute on appointment has to be referred to arbitration.
"Section 35 (B) of the joint venture agreement covers the dispute on failure to vote for the other party for reappointment," said McDonald's counsel senior advocate Sudipto Sarkar.
The agreement says that any dispute mentioned in 35 (B) would have to be resolved through arbitration and as per the clauses and should be referred to the london Court of International Arbitration, he added.
"We are from USA and he is from India. UK is a neutral country for both of us. Its a half way for us and for them also," he said.