Audio-visual 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 audio-visual 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 audio-visual 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.