The Silicon Review ^Asia

Maiyas Beverages and Foods,a food and beverages brand under the name of Sadananda Maiya, a pioneer in the food industry, is now acquired by Akashika Foods. Maiyas was founded in Bengaluru 7 years ago. The Bengaluru-based food and beverages company, Akashika Foods has been selected to revive Maiyas as per the National Company Law Tribunal (NCLT). 

“Dr. Maiya has decided to support Akashika Foods. If they win the bid, he will be guiding them and extending support through his knowledge, expertise, and 47 years’ experience in the food processing industry,” said Sudarshan Maiya, Sadananda’s son.

Under the recommendation of the Committee of Creditors (CoC), led by Karnataka bank in Mangaluru,and Interim Resolution Professional (IRP) Ashish Kanodia, Akashika Foods has been chosen to resurrect Maiyas Beverages and Foods which had been in a tight spot for a long time. Last year, Maiyas had shut down its production briefly after Sadananda’s relationship with its equity investor, Peepul Capital got bitter.

Apart from Akashika Foods, five other firms including Guiltfree Industries, Peepul Capital (one of the investors in Maiyas), MTR Foods, Sadananda Maiya (in his personal capacity), and Kamal Agrawal had bid for the Maiyas Beverages after evaluating the firm’s assets and liabilities. 

Ashish Kanodia declared that he made Akashika Foods his choice as its resolution plan, which requires 100% upfront payment to staffs and creditors, seemed successful.

KR RaghupathiBhat represented Akashika Foods in the meeting.