E-Malt.com News article: India: Bira beer maker appoints lender nominees to its board

Bira beer maker B9 Beverages Ltd has appointed three nominee directors to its board, marking the first major governance overhaul after founder Ankur Jain and two members of his family stepped down last week under a settlement with lenders, The Mint reported on July 30.

Regulatory filings dated 30 July on the ministry of corporate affairs' website showed that the board had appointed alternative asset management firm Anicut Capital co-founder Ilayaarunachalam Shanmugasamy Balamurugan, chief financial officer Veenu Mittal, and vice president Venkatesh Parthasarathy as nominee directors on 29 July.

B9 Beverages is backed by investors such as Japan's Kirin Holdings and Sofina. Anicut Capital and Hero Corporate Services' family office are among its principal lenders.

The appointments come days after Jain, his mother, Shashi Jain, and wife, Ankeeta Pawa, resigned from the board and their executive positions with immediate effect.

The board changes signal that lenders have begun assuming direct oversight of the company as they work to restructure the debt-laden craft brewer, which is seeking fresh capital after months of financial stress, halted production and a prolonged funding squeeze.

Jain announced his exit in a LinkedIn post earlier this week, saying he and his family had stepped down after reaching a settlement. The agreement provides for the withdrawal of all claims and litigation between the parties and the release of personal guarantees that Jain had provided for corporate loans.

“We have now reached that settlement. As part of it, my family and I will be stepping away from the board, and from our executive positions with immediate effect,” he wrote, adding that B9 Beverages now needs fresh capital, a clean balance sheet and a new management team.

The settlement followed months of negotiations between the founder, investors and lenders over the future of the company. Mint reported in April that Jain had been asked to resign as investors and lenders sought to stabilise the business through a leadership transition and lender-backed restructuring.

Existing investors were then prepared to infuse about ₹400 crore at a sharply reduced valuation, with an option to provide another ₹100 crore, while stakeholders pursued an out-of-court restructuring to avoid insolvency proceedings.

The company has been grappling with mounting financial stress after a prolonged funding drought. Beer production had stopped around October 2025, offices had largely shut, and operations were running on a lean cost structure, Mint reported.

Creditors, including Devyani International Ltd, initiated proceedings before the National Company Law Tribunal, while the company also received tax notices from the Maharashtra government worth ₹26 crore.

B9 Beverages' financial performance deteriorated sharply in FY24. Revenue fell to ₹638.5 crore from ₹824.3 crore a year ago, while net loss widened to ₹748.8 crore from ₹445.4 crore.

The company's troubles also triggered employee protests over unpaid salaries, provident fund deposits and other statutory dues. Around 50 former employees protested outside Jain's New Delhi residence in March, alleging that delayed wages and statutory payments had disrupted their finances.

In his post announcing his exit, Jain apologised to employees over unpaid salaries, saying, “I am sorry to every employee who didn't get what they were owed, when they were owed it. That is on me, and I will carry it.”

However, former employees told Mint this week that while the settlement clarified Jain's exit, it did not provide a timeline or mechanism to clear pending salary and statutory dues. Several said they remained uncertain about when, or if, they would receive the money owed to them.


30 July, 2026