A petition has been signed by 250+ employees of B9 Beverages, the parent company of Bira91, demanding the removal of founder and CEO Ankur Jain. The petition cites alleged corporate governance lapses, financial distress, and prolonged salary delays, as reported by ET. It has been addressed to the company’s board, major investors Kirin Holdings and Peak XV Partners, and its largest lender, Anicut Capital.
The employees have alleged “corporate governance failures, lack of transparency, delayed employee dues and vendor payments”, and pointed to pending creditor cases that highlight the company’s “deteriorating financial health”. According to people aware of the matter, the petition, circulated shortly after a town hall meeting in September, has the backing of nearly all current employees.
Executives familiar with the company’s operations said Bira 91’s production came to a standstill in July, and that global investment firm BlackRock, which was reportedly in advanced talks to inject Rs 500 crore into the promoter group, has since withdrawn from the proposed deal.
As of June 2025, founder Ankur Jain and his family together held a 17.8% stake in B9 Beverages, while Japan’s Kirin Holdings remained the largest shareholder with 20.1%. The company’s board currently comprises Jain, his mother, and his wife.
When contacted by ET, Jain said the company was “not aware of any such petition” and that the board had “not received any communication” from employees. He admitted to a “pause” in production in September but maintained that operations were expected to resume in October.
Employee grievances mount
Several current and former employees alleged that salaries have been delayed by as much as six months, while reimbursements have remained pending since November 2024. One employee told ET that tax deducted at source (TDS) had not been deposited for more than 50 employees in FY24, and no TDS payments had been made so far in FY25. Another said that the last provident fund contribution was made in March 2024.
Employee estimates suggest that unpaid dues, including salaries and reimbursements, could add up to Rs 50 crore, covering over 500 staff, many of whom have since exited the company. B9 Beverages’ headcount has reportedly fallen from over 700 last year to around 260 currently, reflecting significant downsizing.
Responding to queries, Jain acknowledged “delays in employee payments”, adding that the company had faced “significant business disruptions over the past 18 months”. “It is true that we have employee overdues that have been persisting. These range between three and five months, depending on the level of employees, and include a delay in tax payments as well,” he said.
Jain attributed the company’s liquidity strain to a series of external and internal factors, including regulatory changes following a company name change, which required re-registration of licences, as well as disruptions caused by shifting liquor policies and a stalled fund-raise process. “These resulted in volume degrowth in FY25, complete disruption of business and cash flow for several months, and a pile-up of statutory, employee, and vendor dues,” he said.
Losses mount amid restructuring
B9 Beverages reported a net loss of Rs 748 crore in FY24 on revenue of Rs 638 crore, with sales volume dropping to 6–7 million cases from 9 million in FY23. The company has not yet filed its financials for FY25.
Earlier in July 2025, B9 Beverages restructured its leadership team, appointing Vikram Qanungo as chief financial officer, replacing Meghna Agrawal, who had served since 2019. The company also brought in Manoj Mishra as vice president (manufacturing) and promoted Nayanabhiram Deekonda to senior vice president (sales). Jain said the company had been “focusing on fewer states, reducing fixed costs and improving gross margins” as part of its turnaround plan. “This has meant taking hard calls, including reducing headcount by nearly 50% over the last 15 months,” he added.
