Business Standard

UTI MF case: T Rowe Price shares reason to hold back court petition for now

T Rowe Price had expressed concerns on the composition of the board of UTI MF, which was dominated by the state-owned shareholders who also owned their separate asset management companies

T Rowe Price
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T Rowe Price's investment in UTI MF bogged down due to falling rupee and the MF's declining market share

Jash Kriplani Mumbai
The US-based asset manager T Rowe Price withdrew its writ petition in the Bombay High Court on Tuesday with the right to re-file it at a future date.

In a response to Business Standard, Edward Giltenan, official spokesperson for T Rowe Price, said, “We now have increasing confidence that they (PSU shareholders) are taking steps to comply with Indian law and regulations regarding divestment of their stakes in UTI and moving towards an eventual IPO of the firm.”

According to sources, the Finance Ministry and the Securities and Exchange Board of India (Sebi) had given assurances to T Rowe that

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First Published: Aug 29 2018 | 10:41 PM IST

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