Schneider Electric President Systems Limited has received a GST order demanding ₹5.39 lakh in tax and a penalty of ₹57,561 related to Input Tax Credit (ITC) claims from the pre-GST period.

The Order-in-Original was passed under Section 73(9) of the Central Goods and Services Tax Act, 2017 by the Office of the Superintendent of Central Tax, South Division-9, Bengaluru South Commissionerate. The notice pertains to the availment of ITC on certain reverse charge mechanism (RCM) transactions.

Nature of the Demand

The authority confirmed the demand towards ITC amounting to ₹5,39,195, which includes IGST of ₹3,75,611, CGST of ₹81,792, and SGST of ₹81,792. Additionally, applicable interest and a penalty aggregating to ₹57,561 were levied. The total demand amounts to ₹5,96,756 for the period July 2017 to March 2018.

The order alleges inadmissible availment of ITC in GST in respect of tax discharged under RCM relating to invoices for services received during December 2016 to June 2017.

Impact and Response

The company disclosed that it does not expect any material impact on its financials, operations, or business activities arising from the said order except as indicated above. Schneider Electric President Systems stated it has adequate grounds to contest the order and is evaluating appropriate legal remedies, including filing an appeal before the appropriate appellate authority.

Schneider Electric President Systems Limited concluded its 42nd Annual General Meeting on September 24, 2026, with all eight resolutions passed by requisite majority, as confirmed by the scrutinizer's report filed on September 25, 2026.

The meeting was held via video conferencing from 3:30 pm to 5:43 pm IST. The total paid-up equity share capital of the company as on the cut-off date of September 17, 2026, was INR 12,09,60,000, divided into 1,20,96,000 equity shares of INR 10 each. A total of 3,980 shareholders were on record as on that date, of whom 35 public shareholders attended through video conferencing. Remote e-voting was open from September 21, 2026 at 9:00 am to September 23, 2026 at 5:00 pm IST via the NSDL platform.

Voting results summary

For Resolutions 1 through 4, a total of 96,33,434 valid votes were polled, representing 79.64% of total outstanding shares. The promoter and promoter group, holding 89,64,978 shares, voted 100% in favour on all four resolutions. Public non-institutional shareholders polled 6,68,456 votes on each of these resolutions. For Resolutions 5 through 8, which involved related party transactions where the promoter group was an interested party and therefore did not vote, total valid votes polled stood at 6,68,456, representing 5.53% of outstanding shares.

The table below presents the consolidated e-voting results for all eight resolutions:

Key resolutions passed

Members approved the audited financial statements for the fiscal year ended March 31, 2026. The auditor's report for FY26 contained no qualifications, modified opinions, or adverse remarks. M/s. S N Dhawan & Co LLP was re-appointed as statutory auditors for a second consecutive five-year term, and remuneration for cost auditors M/s. Rao, Murthy & Associates was ratified for FY27. Ms. Chitra Sukumar was re-appointed as Non-Executive Director, retiring by rotation.

Related party transactions approved

Shareholders approved modifications to limits on material related party transactions with Schneider Electric India Private Limited and Schneider Electric IT Business India Private Limited, as well as new material related party transactions with Schneider Electric USA, Inc. and Schneider Electric Mexico S.A. DE C.V. For these four resolutions, the promoter and promoter group were identified as interested parties and did not participate in the vote.

Meeting proceedings

Mr. Ranjan Pant, Chairperson of the Board, presided over the session, assisted by Managing Director Mr. Anuj Kudesia, Whole-Time Director and CFO Ms. Mariamma Myloth, and Non-Executive Director Mr. Prabhu Praveen Das. The scrutinizer's report was submitted by Kapil Dev Taneja, Partner of M/s Sanjay Grover & Associates, Company Secretaries. The e-voting data was reconciled with records maintained by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent. Voting results and the scrutinizer's report have been filed with the stock exchanges and are available on the company's website.