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More than 250 employees of B9 Beverages, the maker of Bira 91 craft beer, have petitioned the company’s board and top investors - including Japanese beverage major Kirin Holdings and Peak XV Partners - seeking the removal of founder and CEO Ankur Jain from the company’s management, ET reported.
The petition, addressed to the board, key investors, and the company’s largest lender, Anicut Capital, alleges “corporate governance failures, lack of transparency, delays in employee dues and salaries,” and points to pending creditor cases and unpaid vendor bills that reflect the company’s deteriorating financial condition.
A person aware of the matter told ET that almost all current employees have backed the petition. Executives cited in the report said Bira 91’s production came to a halt in July, and that global investment firm BlackRock - which was reportedly in advanced talks to invest ₹500 crore in the promoter group- has since withdrawn from the deal.
As of June 2025, founder Ankur Jain and his family held a 17.8% stake in B9 Beverages, while Kirin Holdings was the largest shareholder with a 20.1% stake. The company’s board includes Jain, his mother, and his wife.
Responding to queries from ET, Jain reportedly said the company “is not aware of any such petition addressed to key shareholders,” adding that the board “has not received any communication.” He acknowledged a “pause” in production during September but maintained that operations are expected to resume this month.
Employees, however, described deep-seated issues with pay and compliance. Several told ET that salaries have been delayed for up to six months, with reimbursements pending since November 2024. One employee alleged that tax deducted at source (TDS) had not been deposited for more than 50 employees in FY24, and that no TDS payments had been made so far in FY25. The last provident fund payment was reportedly made in March 2024.
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.
Earlier in July this year, B9 Beverages restructured its leadership team and appointed Vikram Qanungo as its chief financial officer. Qanungo succeeded Meghna Agrawal who was the CFO from 2019-2024. It had roped in Manoj Mishra as the vice president - manufacturing. Additionally, Nayanabhiram Deekonda was elevated to senior vice president - sales.