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 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.