India, May 28 -- There's the brand, and then there's the corporate entity behind it. In the case of Bira 91, nearly everyone knows the brand, but the company's troubles over the past year stem from its lesser-known legal identity: B9 Beverages Private Limited.

Here's some context: in the alco-bev industry, the corporate entity is arguably more important than the brand. Because everything - from manufacturing to sales - is governed by licences and the licence that belongs to the corporate entity.

As a beer brand with an ultra-cool urban image, Bira 91 had cracked the game, and its budding beer empire relied on licences held by B9 Beverages Private Limited.

The growth for the brand and the business was built on $449 Mn in equity funding ...