Institutional investors together hold the largest stake in B9 Beverages at 28.6%, led by Peak XV (formerly Sequoia India), along with Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield and GHIQF Mauritius
The staff note several alleged violations including non-payment of salaries for seven months, unremitted TDS worth about Rs 50 crore, and default on provident fund and gratuity dues.
The takeover marks another setback for the Indian craft beer maker, which has been reeling under heavy losses and a mounting debt burden