In 2007, Italian Bank, Intesa Sanpaolo, had extended a loan of 35 million euros to a step down Italian subsidiary of Videocon named VDC Technologies. To secure credit for its subsidiary, Videocon Industres had offered a "Patronage Letter" as a guarantee to pay a maximum of 38 million euros, in the event of a default.
The subsidiary, however, struggled with repayments and eventually defaulted.
The Italian bank Intesa Sanpaolo sought legal remedies by moving a local court in Italy. In July of 2011, the Italian Court issued a decree directing Videocon Industries to make good the promise of repaying 38 million euros.
Intesa Sanpaolo, also filed a winding up petition before the Bombay HC, seeking to recover dues. Videocon responded by arguing that the petition was time barred. It argued that Videocon had divested its shareholding in the company in 2008, allowing the bank time till 2011 to file a suit. The winding up petition was filed in 2012.
However, the Bombay HC dismissed Videocon's arguments, observing that Videocon had failed to build a bonafide defense of its conduct. The HC held that as a guarantor for the loan for a subsidiary, the company was liable to make the repayment.
The court also made some stern observations against the company. The HC observed that corporate morality and confidence of global investors was of public interest.
Observing that Videocon was being allowed an opportunity to take remedial action, Bombay HC has directed Videcon industries to deposit 38 million euros with the Italian Bank, on or before, Jan 27.
The HC has also warned that failure to make repayment will result in the initiation of winding up proceedings against the company.
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