T Rowe Price, the U.S. asset manager which owns a 26 percent stake in UTI Asset Management, may be asked to withdraw one of its two directors from the restructured UTI board, Business Standard reports. The company may be asked to propose a fresh candidate for the board. T Rowe Price might have to face these changes as the finance ministry seeks to assert itself in the affairs of UTI Asset Management in its search for a new chairman.
The government shareholders are also looking to put their nominees on the board. Anita Ramachandran and Prithvi Haldea, independent directors, have already stepped down. The board now has five members. James Sellers Riepe and Flemming Madsen represent the U.S. firm. PR Khanna, Pradeep Gupta and Sachit Jain are independent directors.
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