Leo Puri is set to step down as Managing Director of UTI Asset Management Company (AMC) on Monday even as the Bombay High Court will hear the petition filed by T Rowe Price International.
According to sources, interim charge will be given to the senior most official in the fund house.
The process of finding a new Managing Director has begun.
The Department of Investment and Public Asset Management wants T Rowe Price to withdraw the petition it has filed in the High Court as it expects the four major stakeholders to comply with the SEBI regulation regarding shareholding.
The Bombay High Court is scheduled to hear the petition filed by T Rowe Price International against the other shareholders of UTI Mutual Fund, including State Bank of India, LIC, Punjab National Bank and Bank of Baroda, on August 13.
The Division Bench of Justices RM Borde and PK Chavan will hear the petition filed by the largest stake holder US-based T Rowe Price seeking the court to direct the board of the fund house to retain the incumbent Managing Director Leo Puri for at least another 12 months so that he can prepare it for an initial public offering.
Incidentally, the case is coming up for hearing in the Court on the day when Puri's tenure as Managing Director ends.