All In The Name: Bira 91

This article examines the decline of Bira 91 rapid from a leading beer brand, attributing it to multiple governance decisions and a seemingly straightforward corporate name change that inadvertently triggered complex compliance challenges under India's state excise regulations. It highlights how a poorly timed or inadequately executed corporate actions, particularly during the sensitive transition from a private to public company, can result in significant regulatory, financial and strategic consequences especially within the context of India's increasingly IPO-driven environment.

Image Source: https://inc42.com/features/inside-the-bitter-collapse-of-bira-91/

In December 2022, B9 Beverages Pvt. Ltd., the company behind Bira 91, changed its name to "B9 Beverages Ltd." Under Indian state excise laws, the new name was treated as a new legal entity, requiring fresh excise licences, label approvals and product registrations for each beer variant in each state where