Bira Founder Ankur Jain Agrees to Step Down Amid Investor Pressure & Financial Crisis

• Bira founder Ankur Jain has agreed to step down from the company's helm after prolonged negotiations with investors.
• Investors and shareholders pressed for a management change due to Bira's financial troubles and lack of fresh funding.
• Jain faced mounting personal liabilities, including borrowed funds for Bira shares, leading to invoked collateral by Sunil Munjal's trust.
• B9 Beverages is grappling with internal unrest, with over 250 employees petitioning for Jain's removal over governance issues, delayed salaries, and unpaid dues.
• The company reported a net loss of Rs 748 crore in FY24, declining sales volumes, and failed to make TDS payments for employees.

Why It Matters: Ankur Jain's departure marks a critical turning point for Bira amid severe financial and governance challenges.