Schneider Electric to relist on national stock exchanges after withdrawing appeal against SEBI before SAT

French company, Schneider Electric President Systems Limited informed the Securities Appellate Tribunal (SAT) yesterday that it will list itself on a stock exchange with nationwide terminals. .The company made this statement through Senior Advocate Janak Dwarkadas while withdrawing its appeal challenging a 2021 order of the Securities and Exchange Board of India (SEBI).A coram of presiding officer Justice Tarun Agarwala and technical member Meera Swarup granted Schneider six months of time from July 26 to comply with the SEBI’s order. .Schneider was earlier listed on the Bangalore and Pune stock exchanges. It later came across circulars, which Schneider claimed permitted it to deregister itself from regional stock exchanges without complying with delisting regulations issued by the SEBI.The shareholders, holding approximately 9%, complained about the same to SEBI through Regstreet Law Advisors. .SEBI contended that since Schneider was eligible to be listed on a nationwide stock exchange, it could not dilute the delisting norms. It proceeded to pass an order in February 2021, directing Schneider to relist itself. .In its order, SEBI directec Schneider to enlist the equity shares of its company on a stock exchange having nationwide terminals. Alternatively, it permitted Schneider to delist the company, following the SEBI delisting regulations, which stipulate giving an exit option to the investors of the company. .This was challenged by the company in the Bombay High Court. The Court dismissed the petition and directed Schneider to first exhaust its remedy before SAT. Schneider then proceeded to file an appeal before SAT in 2021, which has now been withdrawn with a statement that the company would comply with the SEBI order in 6 months..Senior Advocate Janak Dwarkadas with Advocates Kunal Dwarkadas, Anusha Jegadeesh, Trisha Sarkar and Ambareen Mujawar briefed by AZB & Partners represented Schneider.Advocates Somasekhar Sundaresan, Sumit Agrawal, Amit Agrawal, Rushin Kapadia, Radhika Yadav, Pratham Darad and Tarun Toprani briefed by Regstreet Law Advisors represented the minority shareholders.Senior Advocate Mustafa Doctor with Advocates Manish Chhangani, Samreen Fatima, Sumit Yadav and Abhay Chauhan briefed by The Law Point represented SEBI.[Read SAT order]