Over 250 employees of B9 Beverages, maker of Bira 91, reportedly petitioned the company Board and major investors, including Kirin Holdings and Peak XV Partners, demanding a leadership change. The petition seeks the removal of founder Ankur Jain from management.
Employees cited poor corporate governance, salary delays, unpaid vendor bills, and financial mismanagement as key concerns. Production reportedly halted in July, and BlackRock withdrew a planned Rs 500 crore investment. Pending dues for over 500 employees are estimated at Rs 50 crore.
Ankur Jain denied receiving any formal petition but acknowledged temporary production suspension in September. He admitted delays in paying employee salaries and statutory taxes, citing restructuring efforts. The company has reduced operations to fewer states to cut costs and improve margins, reducing headcount by nearly 50% over 15 months.
B9 Beverages reported a net loss of Rs 748 crore in FY24 on revenue of Rs 638 crore. Sales fell to 6–7 million cases from 9 million in FY23. Employees remain concerned about delayed salaries and pending Provident Fund and TDS payments. The company has yet to file its FY25 financial results.
