GST cess: Honda hikes prices of models by up to ₹89,069

NEW DELHI: Honda Cars India on Thursday said it has hiked the prices of its models – City, BR-V and CR-V models, ranging between Rs 7,003 and Rs 89,069.

The revised prices became effective from September 11, due to the additional compensation cess in GST ranging between 2-7 per cent, Honda Cars India Ltd (HCIL) said in a statement.

The company has increased the price of its mid-sized sedan City between Rs 7,003 and Rs 18,791 depending on various variants. The prices of SUV BR-V have been hiked rang- ing between Rs 12,490 and Rs 18,242.

Similarly, the company has raised prices of its premium SUV CR-V ranging between Rs 75,304 and Rs 89,069.

Earlier, this week Toyota Kirloskar Motor (TKM) had announced hike in prices of select models, including Innova Crysta and premium SUV Fortuner, ranging from Rs 13,000 to Rs 1.6 lakh.

The company has increased the price of Innova Crysta by around Rs 78,000, Corolla Altis by Rs 72,000, Etios Platinum by Rs 13,000 and Fortuner by Rs 1.6 lakh. NEW DELHI: The Londoncourt of international arbitration has directed appointment of experts to determine a fair value of the joint venture between Mcdonald's India and Vikram Bakshi so that the US fast food chain can buy out its estranged partner.

The partners had resorted to arbitration after Mcdonald's in November 2013 issued a notice to terminate partnership with Bakshi for setting up and operating its popular fast food outlets in northern and eastern India.

A three-member arbitration tribunal on September 12 directed determination of a fair market value and purchase price of share of Vikram Bakshi and Bakshi Holding Pvt Ltd in Connaught Plaza Restaurants Ltd (CPRL) for transfer to joint venture partner Mcdonald's India Pvt Lt (MIPL), persons familiar with the order said.

The value so determined will be placed before the tribunal, which asked Bakshi to provide necessary cooperation and assistance in such determination, they said. Mcdonald's appointed London-based judge Ian Hunter on the panel while Bakshi had appointed Justice Vikramajit Sen.

Sen did not sign the award, the persons said, adding that the 2:1 majority award asked Bakshi and the holding firm not to exercise any voting rights in the 1,45,600 shares held by them in CPRL.

The international arbitration tribunal in London has also rejected Bakshi's claim that Mcdonald's India did not validly terminate the JV.