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The boardroom battle at UTI Mutual Fund is likely to end as stakeholders have decided to bury their hatchet, ETNow said today, quoting sources.

T Rowe Price, a key shareholder in India's oldest asset management company, may take back its earlier petition at the Bombay High Court seeking relief.

The plea was filed against other stakeholders in the mutual fund — SBI, PNB, BoB and LIC.

The US-based shareholder's concerns on UTI AMC IPO and board composition have been settled, the sources said.

The foreign investor has a 26 per cent stake in UTI AMC. Sebi is of the view that cross listing norms apply only to domestic shareholders and T Rowe Price doesn't have to dilute its stake in UTI MF.

Earlier, Sebi had issued a directive that no shareholder of one asset management company can own more than 10 per cent in another, and those who own such stakes need to bring them down.

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