{"id":3163,"date":"2018-08-29T07:20:21","date_gmt":"2018-08-29T07:20:21","guid":{"rendered":"http:\/\/www.wakilsahab.in\/news\/?p=3163"},"modified":"2018-08-29T07:20:21","modified_gmt":"2018-08-29T07:20:21","slug":"uti-amc-boardroom-battle-t-rowe-price-withdraws-plea-at-bombay-high-court","status":"publish","type":"post","link":"https:\/\/www.wakilsahab.in\/news\/uti-amc-boardroom-battle-t-rowe-price-withdraws-plea-at-bombay-high-court\/","title":{"rendered":"UTI AMC boardroom battle: T Rowe Price withdraws plea at Bombay High Court"},"content":{"rendered":"<p>Source &#8211;\u00a0moneycontrol.com<\/p>\n<p>T Rowe\u00a0Price, which holds a 26 percent in UTI Asset Management Company has withdrawn the petition filed at the Bombay High Court, according to the media reports.<\/p>\n<p>The plea was filed against other 4 stakeholders in UTI AMC &#8212; State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation.<\/p>\n<p>Media reports said that US-based shareholder&#8217;s concerns on UTI AMC IPO and board composition have been settled.<\/p>\n<p>The Securities and Exchange Board of India was of the view that cross-listing norms apply only to domestic shareholders and T Rowe Price will not have to dilute its stake in UTI MF.<\/p>\n<p>T Rowe Price International, which owns 26 percent stake in UTI Mutual Fund approached the Bombay High Court seeking a direction to the Finance Ministry and capital market regulator Securities and Exchange Baird of India to prevent certain PSUs from stalling the company&#8217;s bid to come up with an initial public offer (IPO).<\/p>\n<p>In its petition, T Rowe Price had claimed that four public sector undertakings\u00a0\u2014\u00a0State Bank of India, Life Insurance Corporation,\u00a0Punjab National Bank\u00a0and\u00a0Bank of Baroda\u00a0\u2014 were trying to stall the company&#8217;s proposed IPO.<\/p>\n<div class=\"hide-moblie mid-arti-ad\">\u00a0The petition had also sought implementation of SEBI&#8217;s rules and regulations and to extend the term of Puri for another year to see the IPO through.<\/div>\n<div>\n<div class=\"hide-moblie mid-arti-ad\">According to T Rowe Price, the four PSUs, which together own 74 percent in UTI AMC, were not in favour of granting Puri a second term.<\/div>\n<p>The petition had also sought a direction to ask the four domestic shareholders to bring down their holding in the fund house to 10 percent each from the present 18.50 percent.<\/p><\/div>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.wakilsahab.in\/news\/uti-amc-boardroom-battle-t-rowe-price-withdraws-plea-at-bombay-high-court\/\"\n\t\t\t  \tdata-numposts = \"5\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground:  !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 100% !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Source &#8211;\u00a0moneycontrol.com T Rowe\u00a0Price, which holds a 26 percent in UTI Asset Management Company has withdrawn the petition filed at the Bombay High Court, according to the media reports. The plea was filed against other 4 stakeholders in UTI AMC &#8212; State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[2414,42,2415,1821,2412,2413],"class_list":["post-3163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-of-baroda","tag-bombay-high-court","tag-life-insurance-corporation","tag-punjab-national-bank","tag-uti-amc-boardroom-battle","tag-uti-amc-state-bank-of-india"],"_links":{"self":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/comments?post=3163"}],"version-history":[{"count":1,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3163\/revisions"}],"predecessor-version":[{"id":3165,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3163\/revisions\/3165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media\/3164"}],"wp:attachment":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media?parent=3163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/categories?post=3163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/tags?post=3163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}