T Rowe moves Bombay HC seeking extension of Puri's tenure as UTI MF head

US-based asset manager said lack of timely action from Indian authorities, while 'conflicted' shareholders ignore directions of UTI Trustee Board, reason to move court

The tussle between the shareholders of UTI Asset Management Company has taken a legal twist. US-based T Rowe Price has moved the Bombay High Court (HC) seeking an extension of tenure for Leo Puri, managing director of the fund house. 

Puri’s five-year term is set to end next week, amid disagreement between T Rowe Price and the four state-owned stakeholders on whether he should continue at the helm. In a writ petition filed on Wednesday, T Rowe has sought an extension for Puri to prepare for the AMC’s IPO. 

Further, the global asset manager, in the petition, has said the