Bira 91 founder Ankur Jain exit board after settlement with lenders; says ‘I am sorry to every employee’

Bira 91 founder Ankur Jain and his family have stepped down from the board and executive positions at parent company B9 Beverages after a settlement with lenders and institutional shareholders.

The settlement clears the way for B9 Beverages to pursue restructuring and seek fresh capital, and includes withdrawal of claims and release of personal guarantees from Jain.

Jain apologized to employees for unpaid salaries and dues, but no timetable for payment was provided.

B9 Beverages has faced severe financial pressure, with consolidated revenue falling to about Rs 638.5 crore in FY24 from Rs 824.3 crore the prior year, and losses widening to Rs 748.8 crore.

The company also dealt with operational disruption from a name change and a legal dispute with investor Kirin Holdings and lender Anicut Capital over pledged shares.