Last Updated:
According to the report, the employees made the demand through a petition addressed to the board, key investors
Bira 91
More than 250 employees of B9 Beverages have approached the company’s board and top investors — including Japanese beverage major Kirin Holdings and Peak XV Partners — seeking a “leadership change” and the ouster of founder Ankur Jain from the management of the maker of Bira 91 craft beer, The Economic Times (ET) reported.
According to the report, the employees made the demand through a petition addressed to the board, key investors, and the company’s largest lender, Anicut Capital. The petition alleged “corporate governance failures, lack of transparency, delays in employee dues and salaries,” and cited cases filed by creditors reflecting “deteriorating financials” and unpaid vendor bills.
A person aware of the development told ET that nearly all current employees have supported the petition. Executives cited by the publication said Bira 91’s production came to a halt in July, and that BlackRock, which had been in advanced talks to invest Rs 500 crore in the promoter group, has since pulled out of the deal.
As of June 2025, Jain and his family held a 17.8% stake in the company, while Kirin Holdings remained the largest shareholder with 20.1%. The company’s key board members include Jain, his mother, and his wife.
In response to ET’s queries, Jain said the company “is not aware of any such petition addressed to key shareholders” and that the board “has not received any communication.” He acknowledged a “pause” in production during September, adding that operations are expected to resume this month.
Employee grievances
Several employees told ET that salaries have been delayed for up to six months, with reimbursements pending since November 2024. One employee alleged that TDS had not been deposited for over 50 employees in FY24, and that no TDS payments had been made for FY25 so far. The last provident fund payment was reportedly made in March 2024.
The pending salary and reimbursement dues for more than 500 employees, including those who have left the company, amount to around Rs 50 crore, another employee said, adding that multiple layoffs have reduced the workforce to just over 260 employees, from more than 700 last year.
Responding to ET’s queries, Jain admitted that there had been delays in payments, acknowledging that employee overdues had persisted for a period ranging between three and five months, depending on the level of employees, and that these also included delays in the payment of tax dues.
Financial stress and restructuring
Jain told ET that the company had restructured operations to focus on fewer states, reduce fixed costs, and improve margins — a move that led to a 50% cut in headcount over the past 15 months.
B9 Beverages reported a net loss of Rs 748 crore in FY24 on revenue of Rs 638 crore, while sales volume dropped to 6–7 million cases from 9 million in FY23. The company has not yet filed FY25 results.
Jain attributed the recent turmoil to “significant business disruptions” over the past 18 months — including the company’s name change that required re-registration of licences, liquor policy shifts, and delays in fundraising — which together caused “volume degrowth, cash flow disruption, and accumulation of statutory, employee, and vendor dues.”
He added that production units in Gwalior and Nagpur were operational until August but paused in September, and he expects manufacturing to resume this month, according to ET.
Aparna Deb is a Subeditor and writes for the business vertical of Business.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of Business.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
October 10, 2025, 09:20 IST
Read More
