Schneider Electric withdraws appeal from SAT against Sebi's order

Company will have to follow Sebi's January 2021 directions within six months

IT and telecom infrastructure manufacturer Schneider Electric President Systems has withdrawn its appeal in the Securities Appellate Tribunal (SAT) against an order by the Securities and Exchange Board of India (Sebi) in January 2021.

The company, which was previously listed on the erstwhile Bangalore Stock Exchange and Pune Stock Exchange, has agreed to either re-list on a nationwide bourse or delist as per norms prescribed in Sebi’s order within six months. Sebi had issued the order following complaints by a group of minority shareholders of the company as Schneider Electric delisted after regional exchanges were derecognised.