Goldman Sachs International v Videocon Global Ltd & Anor

Goldman Sachs International v Videocon Global Ltd & Anor

Goldman Sachs is entitled to summary judgment on liability as the margin call remained effective, no tender of performance occurred, the Early Termination Notice was validly delivered and designated an Early Termination Date, but summary judgment on quantum is denied due to insufficient detail in the Statement under Section 6(d).

Parties
Claimant: Goldman Sachs International; First Defendant: Videocon Global Limited; Second Defendant: Videocon Industries Limited
Jurisdiction
England and Wales
Judgment Date
20 September 2013
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment granted on liability, denied on quantum; quantum issues to proceed to trial.
Legal Topics
ISDA Master Agreement, Currency Option Transactions, Guarantee, Summary Judgment, Margin Calls
Contract Law Financial Law ISDA Master Agreement Currency Option Transactions Guarantee Summary Judgment Margin Calls

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 3 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Goldman Sachs International

Claimant

Videocon Global Limited

First Defendant

Videocon Industries Limited

Second Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether margin calls remained effective despite subsequent calls
  2. 2 Whether Videocon Global tendered performance of payment obligations
  3. 3 Whether Early Termination Notice was validly delivered and designated an Early Termination Date

Ratio Decidendi

Goldman Sachs is entitled to summary judgment on liability as the margin call remained effective, no tender of performance occurred, the Early Termination Notice was validly delivered and designated an Early Termination Date, but summary judgment on quantum is denied due to insufficient detail in the Statement under Section 6(d).

Court Disposition

Summary judgment granted on liability, denied on quantum; quantum issues to proceed to trial.

Orders

  • Summary judgment for Goldman Sachs on liability against both defendants.
  • Quantum to be determined at trial.