Audiovisual representation learning is an important task from the perspective of designing machines with the ability to understand complex events. To this end, we propose a novel multimodal framework that instantiates multiple instance learning. We show that the learnt representations are useful for classifying events and localizing their characteristic audiovisual elements. The system is trained using only video-level event labels without any timing information. An important feature of our method is its capacity to learn from unsynchronized audiovisual events. We achieve state-of-the-art results on a large-scale dataset of weakly-labeled audio event videos. Visualizations of localized visual regions and audio segments substantiate our system's efficacy, especially when dealing with noisy situations where modality-specific cues appear asynchronously.