MUMBAI: Bombay High Court stayed an order directing Videocon Industries Ltd to wind up if it fails to repay 38 mln euros, or 3.06 bln rupees, to Italian bank Intesa Sanpaolo S.P.A. The matter has been adjourned to Jun 24. In 2007, the bank Intesa Sanpaolo S.P.A. had granted a 35-mln-euro loan to a subsidiary of Videocon. The company had then offered a “patronage letter”, offering to pay 38 mln euros in the event of a default to secure the line of credit for its subsidiary.

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