UTI AMC IPO faces fresh trouble: Officers move Sebi over salary deadlock

All India UTI AMC Officers' Association approaches Sebi, says draft prospectus does not highlight contingent liabilities

The All India UTI AMC Officers’ Association has shot off a letter to the Securities and Exchange Board of India (Sebi) alleging that the draft prospectus of the asset manager’s initial public offering (IPO) fails to adequately highlight the contingent liabilities arising out of employee-related dues.

The letter states that UTI’s draft prospectus is silent on the liability that may arise on account of the direction given by the Bombay High Court asking the government to consider the grievances of officers of UTI AMC. In January 2019, the ministry of finance, through the DIPAM (Department of Investment and Public Asset Management),