T Rowe seeks time from Bombay HC on Leo Puri's extension petition; hearing adjourned until Aug 28

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26 Aug, 2025 12:21

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The Bombay High Court on August 13 adjourned the hearing on T Rowe Price's petition seeking an extension for the term of Leo Puri, Managing Director and Chief Executive Officer (MD & CEO)  of UTI Asset Management Company (UTI AMC) until August 28.

This was after the petitioner and UTI's single largest shareholder T Rowe Price sought time from the court saying it is in talks with the government for an out-of-court settlement on the matter.

Apart from the extension of Puri's term, T Rowe had sought that the court direct the Finance Ministry and market regulator SEBI to prevent other big shareholders from creating hurdles in the planned initial public offer (IPO) of UTI AMC.

In its petition, T Rowe Price, which owns 26 percent of the UTI AMC, claimed that four public sector undertakings namely State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda were trying to stall the company's proposed IPO.

The petition, filed in the high court on August 8, sought implementation of SEBI rules to extend Puri's term for another year to see the IPO through.

According to T Rowe Price, the four PSUs, which together owns 74 percent in the UTI AMC, are not in favour of granting Puri a second term.

Senior Counsel, Fredun De Vitre, who appeared for T Rowe Price told the court that talks were on and hence T Rowe Price was seeking more time.

Puri, however, has said he does not wish to continue working with UTI AMC beyond his term.

Executives at the fund house and investors, including domestic PSUs, had said Puri has conveyed to all the stakeholders that he does not want an extension beyond his current tenure that ended on August 13, even as T Rowe Price wants him to stay on till the IPO of UTI Mutual Fund is complete.

He is also said to have defended the performance of the fund house during his five-year tenure, amid allegations among some quarters that the growth has been muted during his leadership.

"In the absence of confirming Leo Puri's appointment for a further period of 12 months, the performance of UTI shall be adversely affected and consequently, the interest of unitholders shall further deteriorate," the petition said.