I've been using this functional style for many group operations:
df = pd.DataFrame({
'Sp' : ['MM1', 'MM1', 'MM1', 'MM2', 'MM2', 'MM2', 'MM4', 'MM4', 'MM4'],
'Mt' : ['S1', 'S1', 'S3', 'S3', 'S4', 'S4', 'S2', 'S2', 'S2'],
'Val' : ['a', 'n', 'cb', 'mk', 'bg', 'dgb', 'rd', 'cb', 'uyi'],
'Count' : [3,2,5,8,10,1,2,2,7]
})
df.groupby('Mt')\
.apply(lambda group: group[group.Count == group.Count.max()])\
.reset_index(drop=True)
sp mt val count
0 MM1 S1 a 3
1 MM4 S2 uyi 7
2 MM2 S3 mk 8
3 MM2 S4 bg 10
.reset_index(drop=True)
gets you back to the original index by dropping the group-index.