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The Bombay High Court has adjourned hearing in the case of the US-based financial institution T Rowe Price International against UTI Mutual Fund to August 28 after the petitioner said it is negotiating for an out-of-court settlement in the issue. Hearing the petition on Monday, Justices RM Borde and Prithviraj K Chavan asked if there were any objections by any other party in granting more time and adjourned the case for two weeks after getting a favourable response from others involved.
Earlier this month, T Rowe Price moved the HC seeking a direction to the board of UTI and its four largest shareholders to bring down their individual stakes below 10 per cent through an IPO and extend the term of Leo Puri, the incumbent MD, to facilitate the IPO. However, Puri stepped down on Monday due to difference among the shareholders.
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