State Bank of India has fired a fresh salvo in the battle of control over UTI even as the government and UTI’s largest investor, US investment firm T Rowe Price (TRP), are trying to hammer out a peace settlement. In a letter to the UTI Trustee Company on Saturday, SBI has asked for the removal of Ashok K Kini as a director on its board. Kini heads the UTI Trustee Board which, in line with Securities and Exchange Board of India (Sebi) regulations for mutual funds, had asked that the four PSU shareholders — including SBI — lower their equity in UTI to 10% each from the present 18.25%. The trustee board also asked for a 12-month extension for Leo Puri who was UTI’s managing director till his term ended on August 13, so that the initial public offering (IPO) process could be completed smoothly.
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