 "Leo Puri, MD, UTI Mutual Fund")
US-based T Rowe Price on Tuesday withdrew its case filed in the Bombay High Court, seeking extension in tenure of former UTI Asset Management Company’s (AMC) managing director Leo Puri, and compliance with crossholding norms.
People in the know said the move came after the Finance Ministry and Securities and Exchange Board of India (Sebi) discussed various possibilities for out-of-court settlement with the involved parties.
The markets regulator is said to have clarified that the foreign asset manager need not trim its 26 per cent stake to 10 per cent with respect to the cross-holding norms. The said rule is
