McDonald's offered to buy out its estranged Indian partner Vikram Bakshi. This was according to statement issued by the giant fast food chain before the Company Law Board on Thursday. Bakshi's lawyer ignored the offer saying that his client was not interested in selling.

McDonald's lawyer Rajiv Nayar said that by accepting the offer, the dispute between two sides would be effectively settled. The dispute was over Bakshi's removal as managing director of the joint venture.

The offer would imply a valuation of Bakshi's 50% share in the Connaught Plaza Restaurants Ltd. joint venture with McDonald's. SN Gupta, Bakshi's lawyer said that his sudden removal as managing director of the joint venture was done to resort to "compulsory purchase". Vikram Bakshi was removed from office at a general board meeting held last Thursday. Gupta had urged the Company Law Board to restore Bakshi to his previous post.

"In any case, the general board meeting could not have removed him. As per the joint venture agreement, he can only be removed by a shareholders' meeting," Gupta contended.