India, July 22 -- Ankur Jain, the founder of Bira 91 parent B9 Beverages, has stepped down from the board and relinquished executive control and ownership as part of a settlement with the institutional investors and lenders backing the alcobev startup.

According to an ET report, the settlement was signed yesterday, bringing to an end nearly two-year dispute between Jain, the promoter family, investors and lenders.

"I have stepped down from the B9 Beverages board," Jain told the publication.

As part of the settlement, Jain and the promoter family will reportedly exit B9 Beverages by surrendering executive control and their combined 17.8% shareholding. In return, Jain will be released from personal liabilities, including guaranteed loans...