Bombay High Court impleads T Rowe Price in UTI AMC's stake sale petition

This year the Officers Association filed an interim application pleading urgent hearing of the writ petition ahead of the IPO and to implead T Rowe Price as a respondent

T Rowe Price has been dragged in a case involving UTI Asset Management Company (AMC) and its employee association. 

The Bombay High Court (HC) issued an order last week, impleading T Rowe as a respondent (to hear its views as an affected party) in the plea pertaining to the asset manager’s stake sale to the firm.

In January 2010, the four sponsors of UTI Mutual Fund (MF) — State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), and Life Insurance Corporation (LIC) of India — had sold 26 per cent stake in UTI AMC and UTI Trustee Company