LONDON: ICICI Bank UK has won a £44 million (Rs 401 crore) case against Assam Oil, the parent company of India’s oldest tea company, at the high court in London.
The UK subsidiary of ICICI Bank was suing Assam Oil, registered in England, the parent company of Assam India, for damages for breach of contract for defaulting on loans it took 12 years ago. The two co-guarantors to loan, namely AIL Holding in Guernsey — which has since been struck off the Guernsey register of companies — and Cromwell Securities in Mauritius, also failed to pay the sums and are codefendants in the case.
The Commercial Court of the High Court London heard that ICICI Bank UK gave a $63 million loan to Assam Oil on December 21, 2007 to “help it proceed with its investment strategy”. Assam Oil, registered in England, is a holding company of Kolkata-based Assam Company India (Assam India), first tea company in the world. The Jajodia family controls of both.
