B9 Beverages Faces Legal Notice from Hindusthan National Glass Amid Financial Struggles
In fresh trouble, B9 Beverages gets legal notice from HNGIL
The Economic TimesImage: The Economic Times
Hindusthan National Glass & Industries (HNGIL) has issued a legal notice to B9 Beverages, claiming over ₹8 crore in unpaid dues. This adds to the challenges faced by B9, which is embroiled in internal disputes and financial difficulties, including a reported net loss of ₹748 crore in FY24.
- 01HNGIL alleges B9 Beverages defaulted on payments exceeding ₹8 crore.
- 02B9 Beverages is experiencing internal conflicts and financial instability.
- 03The company reported a significant net loss of ₹748 crore in FY24.
- 04Production at B9 Beverages has been suspended amid ongoing negotiations.
- 05Employees have raised concerns over unpaid salaries and final dues.
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Hindusthan National Glass & Industries (HNGIL) has sent a legal notice to B9 Beverages, claiming that the craft beer maker has defaulted on payments exceeding ₹8 crore. This legal action compounds the challenges faced by B9 Beverages, known for its Bira 91 brand, which is already dealing with internal disputes between founder Ankur Jain and investors. Allegations of salary delays and unpaid vendor obligations have surfaced, alongside claims that B9 failed to collect 5.142 million customized glass bottles, impacting HNGIL's working capital. In FY24, B9 Beverages reported a staggering net loss of ₹748 crore, and production has been halted as negotiations regarding Jain's potential resignation are ongoing. Employees have also expressed grievances regarding unpaid salaries and settlements for laid-off staff, further highlighting the company's financial turmoil.
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The legal issues and financial struggles of B9 Beverages could lead to job losses and affect the livelihoods of employees and vendors dependent on the company.
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