McDonald's Global Sales Post Surprise Drop as Tariff Chaos Hurts Consumer Confidence

Twiddles, the clean-label snacking brand co-founded by Indian cricket icon Yuvraj Singh and Alfinity Studios has announced a landmark collaboration with Barista Coffee, one of the pioneers of India’s café culture.

As a result of the strategic partnership, one of the largest café-snack rollouts in the nation's quick-service restaurant (QSR) market will see the introduction of an exclusive line of co-branded Twiddles snacks at Barista cafés across the country.

Premium multigrain bars, energy bites, and nut mixes are all part of the carefully chosen Twiddles x Barista co-branded product line. This clean-label, café-compatible SKUs are the result of several months of collaborative R&D and customer profiling. They are carefully designed to go well with Barista's beverage selections and satisfy the changing needs of consumers for more wholesome, useful snacks without sacrificing flavor.

“At Twiddles, we’ve always believed that snacking can be both fun and mindful. Partnering with Barista lets us bring that philosophy into people’s everyday coffee rituals. What excites me most is that this isn’t just a product launch—it’s a movement toward better choices.” said Yuvraj Singh the Co-Founder of Twiddles.

Through this collaboration, Twiddles is advancing its goal of fusing nutrition and flavor while also broadening its product line. The perfect setting for this service is provided by barista cafés, which are now a commonplace part of customers' daily routines for everything from business meetings to solo work sessions to informal get-togethers. 

“Barista has always stood for quality experiences and emotional connection. With Twiddles, we’ve found a partner that shares our passion for thoughtful innovation. This collaboration brings exciting, clean-label snacks to our cafés, offering our customers more than just great coffee. This partnership with a Yuvraj Singh brand is in itself a testimony of a great product and we are excited to take this partnership ahead." said Rajat Agrawal CEO of Barista

The Twiddles x Barista collaboration is a big step toward reinventing the café snacking experience because of their shared values of quality, innovation, and wellness. The partnership creates a smooth fusion of enjoyment and mindful consumption by combining Barista's handcrafted drinks with Twiddles' wholesome, flavorful snacks, which greatly appeals to today's changing consumer tastes. 

Radico Khaitan Ltd known for brands such as Rampur single malt and Jaisalmer gin, is intensifying its focus on the luxury spirits segment in the current fiscal year, building on strong volume growth across both premium and mass-market offerings.

According to Managing Director Abhishek Khaitan, the company plans to introduce two luxury products in FY26—across brown and white spirits—aimed at both domestic and international markets. This follows the March launch of its luxury liqueur, Ankahi.

“We will enter the super-premium whisky segment within the first half of the year in these high-growth categories, which will continue our premiumisation journey. Our craft luxury gin, Jaisalmer, now has 50 percent of the market share in its category and Rampur single malt, similarly, is also doing very well," said Khaitan. 

In FY25, Radico Khaitan sold 31.36 million cases of Indian-made foreign liquor (IMFL), marking a 9.2 percent increase over the 28.7 million cases sold in FY24, as per its stock exchange filing.

The company’s luxury portfolio—priced from Rs 4,000 to Rs 5 lakh per bottle—contributed Rs 340 crore in revenue for FY25. The target for FY26 is a 30 percent growth in this segment to reach Rs 500 crore.

“The luxury is a segment where a lot of Indian companies aspired to be. In 2016, we first launched our single malt range and we're seeing the returns of that now, about 7-8 years later,” said Khaitan. 

Radico Khaitan also rolled out 8PM Premium Black, a grain-blended Indian whisky, as part of its broader premiumisation strategy. Two additional luxury brands, currently in the pipeline, have been under development for two years.

In FY25, the company’s consolidated revenue rose 10.4 percent to Rs 17,098.5 crore, compared to Rs 15,483.9 crore in FY24. Net profit increased 31.86 percent year-on-year to Rs 345.61 crore.

The company's higher-priced “prestige and above” brands contributed 13 million cases, representing a 15.5 percent rise, and accounted for nearly 70 percent of the company’s total liquor sales value. During the January–March quarter, Radico Khaitan posted its highest-ever quarterly volume at 9.15 million cases, up almost 28 percent year-on-year.

Khaitan stated that this trend is expected to continue. “In the last five years, we have surpassed the industry and have grown higher than it. We feel the trend will continue and we will grow our ‘prestige and above’ segment by 15 percent or more in FY26. Volumes in the regular range have come back, and this will grow 12-14 percent as well, as cost pressures on grains, etc., are easing. Our luxury business will lead the charge at 30 percent," he said.

Industry-wide, the alco-bev sector grew 8–10 percent in FY25, supported by steady demand and consumer shift toward premium offerings, according to Icra Ltd. Operational margins remained stable at 12–13 percent, helped by lower packaging costs, despite cost pressures from grain prices.

 Indian multinational snacks and sweets company Haldiram Snacks Food (Haldirams) has reached a deal with Singapore-based worldwide investment firm Temasek to sell an equity position owned by current shareholders, as reported by PWC. While the release did not state the exact stake sold, that Haldirams has signed an agreement to sell a little fewer than 10 per cent valuing the company at $10 billion.

“This transaction Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market,” the release stated. Sources say the business will spend the money on growth; the promoters might not keep any of the profits. Haldirams is also in advanced-stage talks to sell another 5–6 per cent stake for around $500 million.

PwC’s investment banking team acted as the exclusive financial advisor to the transaction, while Khaitan & Co served as the legal advisor. The deal is expected to close shortly after receiving the required regulatory approvals.

On behalf of the Haldirams group, a spokesperson said in the release: “We are thrilled to welcome Temasek as an investor and partner in Haldirams. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands. We also extend our gratitude to PwC and Khaitan & Co for their dedicated support during this transaction.”

Sanjeev Krishan, chairperson, PwC in India, said, “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with Haldirams exemplifies this commitment.”

Krishan added, “Over the years, we have advised them on various aspects of strategic planning and decision making. This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage. We thank the Haldirams family for trusting us and giving us this opportunity.”

Tilaknagar Industries Limited (TI), a leading manufacturer of Indian-Made Foreign Liquor has reported a 23.2% year-over-year increase in profit after tax (PAT) at 54 crores (excluding extraordinary items) for the quarter that ended on December 31, 2024. A year ago, the company's net profit for the same period was 44 crores.

At 60 crore, Tilaknagar Industries' profits before interest, tax, depreciation, and amortization (EBITDA) has represented a 17.4% increase over the same quarter of the prior fiscal year. The company, which produces Mansion House, the biggest and second best-selling brandy in India and the world, increased its EBITDA margin by 408 basis points, from 13.6 percent to 17.7 percent.

The company's net revenue from operations for the quarter that ended on December 31, 2024, was 340 crores, compared to 377 crores during the same time last year. The state of Andhra Pradesh, a significant market for IMFL brands, saw changes in pricing and distribution policies, which led to a minor decline in net revenue from operations. 

Tilaknagar Industries' PAT (excluding extraordinary items) climbed by 50.1% to 152 crores for the nine-month period ending December 31, 2024, from 101 crore for the same period the year before.

Amit Dahanukar, Chairman & Managing Director mentions, “Despite the policy transition in Andhra Pradesh, which is one of our key markets, the company achieved a year-on-year PAT growth of 23 per cent. The transition is more or less behind us, and we expect to continue our growth trajectory in the state and other major markets. In Q3 FY25, we achieved the highest-ever sales volumes in Karnataka and continued to grow market share in Telangana, Kerala and Puducherry.”

“We will now look to further penetrate within these segments with Samsara Gin being the next play through our royalty arrangement with Spaceman Spirits Lab Pvt Ltd," Dahanukar added. 

With the launch of Monarch Legacy Edition Brandy, the company has ventured into the luxury, artisan, and premium spirits markets. Trade and consumers alike are responding well to Monarch, which is made from a careful blending of French and Indian grape spirits that have been aged for up to eight years. 

Compared to the same period last year, the company's primary volumes increased by 2.3% to 30.1 lakh cases in the quarter that ended on December 31, 2024, while secondary volumes increased by 9.2%.

Chief Financial Officer Rahul Bothra has revealed that Swiggy, online food delivery platform has processed around 1 billion orders annually across all of its customer services.

In the three months that ended in September 2024, the Bengaluru-based firm recorded 230 million orders. Of them, 68 million came from Instamart, Swiggy's rapid commerce division. In Delhi, Bothra was giving a speech at the yearly edtech summit hosted by Arizona State University, GSV Ventures, and Emeritus.

“For us, it (going public) was an eventually the decision was taken on the basis of timing, for which various (things) that had to align. The foremost one was the maturity of the business model,” he said in a conversation with Emeritus founder and CEO Ashwin Damera about the company’s initial public offering (IPO) journey.

“In terms of scale, we’re run rating close to a billion orders on a yearly basis and we have around 500,000 delivery partners who are with us on a direct basis,” he added.

Additionally, he noted that the annualized gross order value (GOV) of the rapid commerce sector had risen to $8 billion. According to its October-December figures, Zomato-owned Blinkit, the biggest player in quick commerce, reported an annualized GOV of about $3.5 billion. Meanwhile, Aadit Palicha, the CEO and cofounder of Zepto, which is backed by General Catalyst, stated last month that the company recorded an annualized GOV of $3 billion in January.

According to Instamart, Swiggy's most recent figures, which are based on its September-quarter revenues, showed an annualized GOV of about $1.6 billion.

During the period, the company reported operating revenue of Rs 3,601 crore, a 30% YoY gain mainly due to Instamart's expansion. In the second quarter of this fiscal year, the company's net loss only slightly decreased to Rs 625 crore, but it stated that it anticipates becoming operationally profitable at the group level by October to December 2025, mostly due to increased profitability in its meal delivery business.

Burger King's franchisee in India reported a larger third-quarter deficit due to rising expenses and customers cutting back on eating out due to inflation. For the three months that concluded on December 31, the company reported a net loss of 504 million rupees ($5.82 million), down from a loss of 361.8 million rupees the previous year. 

Burger King outlets in India saw a 0.5% decline in same-store sales, which the restaurant operator attributed to "flat demand."

Over the past several quarters, international fast-food companies like McDonald's and Burger King have increased their efforts to offer less expensive options in an effort to draw in India's price-conscious clientele in the face of high inflation.

Burger King provided some of the most affordable offers in the nation's market, such as a package of two vegetarian and two chicken burgers for Rs 79 and Rs 99, respectively. The company's income increased by 5.8% to 6.39 billion rupees as a result of this and the launch of more outlets. Although, the brand’s total store count in India remained at 510, up 69 outlets from last year and 46 outlets from the preceding quarter.

High ingredient costs, however, also had an impact on the business, raising overall costs by 8.5% to 7.03 billion rupees. In the midst of suppressed consumer sentiment, pizza giant Papa John's International and cafe chain Tata Starbucks have stated that they are reconsidering their future plans for Indian markets.

On January 22, the stock of quick-commerce businesses Swiggy and Zomato fell 3% more as worries about the industry's increasing competitiveness grew. These concerns gained steam after Zomato's rapid drop in Q3 profits, which was caused by the company's aggressive dark store expansion strategy for its Blinkit quick commerce service. Swiggy's stock has dropped 11% in just two days, while Zomato's shares have slumped 17% during the last three sessions. 

Zomato's stock dropped to Rs 203.85, while Swiggy's had an intraday low of Rs 424.65.

Zomato Stock Down 33% from Lifetime High
From its peak of Rs 304.50 on December 5, 2024, Zomato's stock has now dropped 33.07% to this level. The slide started when Zomato revealed that its consolidated net profit for Q3 FY25 had dropped 57.24% year over year, from Rs 138 crore to Rs 59 crore at the same period the previous year. Nonetheless, operating revenue increased 64.39% from Rs 3,288 crore in the previous quarter to Rs 5,405 crore in Q3 FY25.

Despite a 14% decline on a quarter-on-quarter (QoQ) basis as a result of investments in opening new outlets and gaining clients for its rapid commerce business, Zomato also reported a 128% YoY rise in adjusted EBITDA. Divergent opinions exist among analysts on the stock. Only those with a high-risk tolerance should hold the stock, according to one analyst, while another advised investor to begin purchasing at levels between Rs 210 and Rs 200 and add extra on falls.

“Zomato is a long-term play, but the company needs to improve its revenue metrics. The market may remain cautious in the short to medium term. Investors with a high-risk appetite may consider holding on," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.

Technical Outlook
Brokerage firms Jefferies, Bernstein, and Nomura are all hopeful about Zomato's prospects for long-term growth. However, the majority of brokerages stated that the quick growth of dark retailers would result in larger short-term losses. They have lowered their target price for Zomato's stock, which is also noteworthy.

On the technical front, Zomato’s stock is trading below key moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) stands at 28.22, indicating that the stock is oversold (below 30 is considered oversold). Zomato’s price-to-earnings (P/E) ratio is 114.24, compared to a price-to-book (P/B) ratio of 7.73. The company’s earnings per share (EPS) is 1.85, and its return on equity (RoE) stands at 7.38%.

Subway®, the world leader in freshly cooked, customizable sandwiches, launched 100 fresh outlets in India in the year 2024. This is a noteworthy accomplishment given the QSR chain's explosive development trajectory. Subway has been proactively broadening its reach and reinventing customer experiences in various geographical areas.

With ambitions to become the biggest Quick Service Restaurant (QSR) chain in India within the next ten years, the country has become one of Subway's fastest-growing international markets. To accommodate changing customer tastes, the brand has unveiled new menu items and a modernized store design.

 “Reaching this milestone of 100 new stores in a year is a testament to our customers’ trust in the Subway brand. This marks a significant chapter in Subway India’s growth journey, reflecting our unwavering commitment to delivering fresh, high-quality, and made to order sandwiches to our discerning customers. We opened our 100th store in the bustling location of Lokhandwala, Mumbai. Now the Subway network stands tall at 900+ stores pan India with a presence in more than 160 cities,” said Tarun Bhasin, CEO of Culinary Brands.

Subway's unwavering commitment on innovation and thorough comprehension of changing customer preferences are the main drivers of its growth. Hot & Cheesy Signature Subs and a varied Breakfast Range are two new items that Subway unveiled this year in an effort to meet the varied needs of its patrons.

In order to make every customer experience memorable and fulfilling, Subway keeps up its core values of quality, innovation, and outstanding customer service with each new location. 

Tata Starbucks has indicated that they are totally dedicated to the India market, which continues to be a key growth region for Starbucks globally. Tata Consumer Products Ltd has rejected allegations stating that the café giant Starbucks is likely to depart the Indian market as "baseless".

Tata Starbucks is a 50:50 joint venture between the US-based Starbucks Corporation and the FMCG division of the Tata group, Tata Consumer Products Ltd (TCPL). They run a chain of coffee shops in India under the Starbucks trademark. In FY24, Tata Starbucks' operational revenue increased by 12% at Rs 1,218.06 crore. But because of the expansion, its loss for the period increased from Rs 24.97 crore in FY23 to Rs 79.97 crore.

"Starbucks is fully committed to the Indian market. Any statements suggesting otherwise are false. Tata Starbucks currently operates more than 470 stores in 76 cities across India, which continues to be a key growth market for Starbucks globally," said Tata Starbucks in their recent statement.

According to financial data obtained through the business intelligence portal Tofler, their advertising and promotional expenses increased by 26.8% to Rs 43.20 crore, while its royalty was Rs 86.15 crore.

McDonald’s has begun testing a new digital kiosk capable of accepting cash and dispensing change, potentially reducing the need for human cashiers in the future. This comes after the fast-food giant installed self-order screens at most locations in 2020, which, until now, have only accepted card payments. Cash-paying customers had to complete their transactions at the counter, but the new kiosks aim to streamline this process.

So far, only a few restaurants have adopted the new cash kiosks. According to a McDonald’s spokesperson, “These changes allow franchisees to meet our customers’ increased desire for digital options, while improving speed and accuracy.”

Behind-the-counter screens will now highlight specific menu items and guide customers to order at the kiosks or through the McDonald’s app, further promoting digital ordering methods. However, the adoption of these kiosks remains optional for the company’s franchisees, who manage about 95 percent of McDonald’s 14,300 U.S. locations. Currently, fewer than 2 percent of franchisees have opted to implement the kiosks and screens.

The company has yet to confirm a timeline for a broader rollout, but emphasized that the new technology will not lead to job cuts. Instead, employees will be reassigned to roles such as delivering food to online customers or improving the overall guest experience. Despite these assurances, some concerns continued automation could eventually replace cashier positions, especially with rising labor costs like California’s $20-per-hour minimum wage for fast-food workers.

Other fast-food chains, including Taco Bell and Panera, have also implemented self-order screens, which have been well-received by customers. McDonald’s has benefited from the growing trend, with digital sales, including orders made through the app, self-order kiosks, and delivery, making up over 40 percent of its sales in top markets during the third quarter of last year.

“Digital is going to continue to grow for us,” McDonald’s CEO Chris Kempczinski said in July, highlighting the company’s increasing focus on its digital platform.

In a move to make running businesses easier and to cut red tape and end corruption, the Maharashtra government has said permit rooms, eating houses, lodges and swimming pools will no longer be required to take permission from the police to operate. Currently, besides the local civic bodies and excise department, it is mandatory to get police permission for running these businesses.

“The CM (Devendra Fadnavis) has approved the proposal and we expect the rules will be amended very soon,” said principal secretary (home), Vijay Satbir Singh.

As it is doing nationwide, in Maharashtra, the NRAI is lobbying the state government and the Mumbai administration to reduce the number of licences that’s burdening the restaurant industry. The ‘ease of doing business’ is top priority for the association and implementing the single window system is a stated goal for NRAI president, Riyaaz Amlani.

“The industry whole-heartedly welcomes the move by the chief minister. This easing of doing business gives our industry hope. It will increase the excise revenue by 20% as well as VAT too and will also proportionately increase increase employment in our industry which is already the largest employer. This decision is in the overall good of the state,” said Amlani.

Source : NRAI

Smaller towns and cities are expected to contribute more in shaping future demand for the FMCG sector and the digital medium is increasingly going to play a key role in engaging and influencing consumers as the e-commerce channel’s contribution to the share of sales for FMCG companies is expected to become bigger, reported Business Line.

According to a CII-BCG white paper on the FMCG sector, growth in disposable income, increased urbanisation and the increase in the number of nuclear households are driving the growth of the Indian branded FMCG sector, which is pegged at about $65 billion and has been growing at a robust pace.

Nearly two-thirds of households in the country are nuclear households and at the same family income size, nuclear families spend more on FMCG than joint families, said Abheek Singhi, Senior Partner and Director, the Boston Consulting Group.

“The FMCG sector has been delivering far superior returns over the past few years compared to most other sectors. Our projections indicate that the sector will continue to grow by 13-14 per cent in the next 5-10 years and is likely to become a $220-240 billion industry by 2025,” Singhi added.

The CII-BCG white paper will be unveiled on Monday at the CII National FMCG summit, which will see top CEOs deliberating on the theme ‘Re-imagining FMCG in India’.

Shiv Shivakumar, Chairman, CII National Committee on FMCG 2015-16, & Chairman and CEO, PepsiCo India, said the FMCG sector is already a key driving force behind ‘Make in India’ and a bedrock of talent.

Talking about the regulatory framework, he said the industry has seen a lot of openness from the food processing industry and the FSSAI and are having a constant dialogue, which is progressing in the right direction.

He further says for industry leaders included food laws, food safety, having better working relationships with the regulatory authorities, one common market in terms of tax, initiatives to grow talent and a focus on newer distribution channels.

The white paper also indicates that companies will need to focus on tier-2 and tier-3 cities and rural regions as their contribution will be an important source of demand for the sector as more and more consumers move from the non-branded to the branded segment.

With the growing number of digitally influenced FMCG buyers, companies are expected to shift more and more marketing dollars to the digital media as share of sale from the e-commerce channel grows.

WIMWI Foods Private Limited, a venture by IIM-Ahmedabad Alumni (batch 2014) has recently launched India’s first high quality packaged Shii’take mushrooms under the brand name Le Gourmetz – the Foodies.

The product is now available across all Hypercity stores in Ahmedabad, Mumbai, Bangalore and Hyderabad.

Kanupradeep Subramanian and Srishti Shaw, the co-founders of WIMWI Foods chose to start their own venture to pursue a common passion to bring healthier food choices into India. The company is currently a part of IIMAvericks Programme, a Centre for Innovation Incubation and Entrepreneurship initiative, which invites IIM Ahmedabad alumni to pledge their support for graduating students, who want to tread the unconventional path of entrepreneurship.

“Indian consumers are looking for healthier options for food which offer them the taste without the calories. They are looking for both quality and affordability in their vegetables. We have responded to this consumer need by introducing high quality Le Gourmetz Shii’take mushrooms,” said Srishti Shaw.

Shii’take Mushrooms, the jewel of the oriental cuisine, are the second most consumed mushrooms globally. Kanupradeep Subramanian further added, “In the near future, we want to promote the cultivation of these mushrooms in India and build the technologies to make this an attractive source of income for Indian farmers.”

Explaining the health benefits of these mushrooms, Kanupradeep said, “These flavourful Japanese wood mushrooms have high protein content, rich in B complex Vitamins and dietary fiber. When consumed regularly they reduce cholesterol and develop protection against multiple diseases. Shii’take contains an active compound lentinan, which helps protect against cancer and is an official adjuvant for stomach cancer in Japan. The high level of protein makes them an excellent source of protein for both vegetarians and non-vegetarians who want to reduce the amount of meat in their diet.”

Nestle India has seen a slowdown in its profit for the quarter which ended on 31^st March. The company profit is down by seven percent to Rs 259 crore from Rs 279.09 crore in the previous fiscal year. However, the company’s net sales grew by 2.9 per cent to Rs 2313 crore.

The company said that the operating margins have been adversely impacted, “by high price of milk solids” among other higher expenditures on the base of a strong quarter last year. The firm follows the January-December financial year.

V Shashikanth, Managing Director, United Breweries, has resigned from his post. The resignation has been accepted as per a listing with the BSE. Shashikanth was appointed the managing director of the company on 21^st August 2013 for three years.

He was earlier the deputy president of the overseas business division of the group.

United Spirits (USL), one of the largest spirit makers in the country, has seen a slow trade by 0.45% at Rs 2,772 after the company said it would sell Whyte & Mackay Group to Emperador Inc, the Philippines-based brandy manufacturer, for $430 million (Rs 4,345 crore).

Leela Group to sell its Delhi and Chennai hotels. The investor may pick up 74 percent stake leaving 26 percent to Leelaventure which will continue to manage the five-star hotels.

The group is in talks with sovereign wealth funds of Abu Dhabi, Qatar and Malaysia to sell its hotels at around Rs 1850 crore to pare debt stated a media report.

Dodsal Group, a Dubai based firm which owns Pizza Hut franchisee across South and West India will sell its food and fine dining company in India. The company has appointed boutique investment bank Euromax Capital to scout for buyers, stated a media report.

Kilachand family, the owners of Dodsal Group which owns approximately 86 restaurants has planned to exit the food business and focus on its engineering and construction business in the Middle East. The bankers have begun preliminary discussions with some of the buyout private equity funds. Pizza Hut, KFC and Tacobel are three flagship brands of the US-based Yum! International.

The Rajen Dodsal-promoted group owns the franchisee rights for South and West India and runs six KFC quick service restaurants in Mumbai and Bangalore, while the Ravi Jaipuria-owned Devyani International operates the Pizza Hut chain in the North and East India.

"The company is in talks with buyout funds and some strategic players to sell the company," a person familiar with the news commented.

Vikram Bakshi, McDonald's estranged Indian partner moved to Delhi high court on 2^nd April 2014 seeking an interim injunction on the arbitration filed by the brand in London.

Bakshi moved an application under Section 9 of the Conciliation and Arbitration Act, which deals with foreign arbitration and foreign tribunals. He argued that McDonald's has defied Indian jurisdiction by approaching the London Court of International Arbitration (LCIA) when the case is before the Company Law Board.

According to a media report, a person close to him said, "We have filed for an interim injunction against the arbitration in London. The matter is likely to be heard on 3^rd April 2014 when the Company Law Board is also due to hear arguments on Bakshi's offer to buy McDonald's stake in Connaught Plaza Restaurant Private Limited.

However, the CLB in December held that "there is no prohibition" against McDonald's approaching LCIA while the matter is pending before it. "I, hereby, hold that this bench could not grant stay over the proceedings initiated before the arbitral authorities," the CLB said in its order of December 30. Vikram Bakshi and McDonald's are involved in a bitter legal dispute since August 2013 when Bakshi was not reappointed as the managing director of Connaught Plaza Restaurant.