Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Enterprise, Network and IT Services in India with growing global delivery capabilities (the “Company”), today announced that on February 20, 2013, it received a NASDAQ staff deficiency letter (the “NASDAQ Letter”) indicating that the Company fails to comply with Listing Rule 5605(c)(2) which requires a listed company to have an audit committee comprised of at least three independent members.
As disclosed on the Company’s report on Form 6-K filed with the United States Securities and Exchange Commission on January 31, 2013, Mr. S. R. Sukumara, an independent director and audit committee member, passed away on January 26, 2013. Since Mr. Sukumara’s passing, the Company’s audit committee has been comprised of two independent members.
The NASDAQ Letter provides that, consistent with NASDAQ Listing Rule 5605(c)(4), NASDAQ will grant the Company the following cure period to regain compliance with the audit committee membership requirements: (i) until the earlier of the Company’s next annual shareholders’ meeting or January 26, 2014, or (ii) if the Company’s next annual meeting of shareholders is held before July 25, 2013, until July 25, 2013.
The Company is in the process of identifying an independent director to be appointed to the Company’s audit committee in order to regain compliance with NASDAQ Listing Rule 5605 prior to the expiration of the cure period granted by NASDAQ.About Sify Technologies Sify is among the largest integrated Managed Network, IT and Software services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 1000 cities and towns in India. A significant part of the company’s revenue is derived from Corporate Enterprise Services, which include Network and IT services, Connectivity, Security, Network management services, Enterprise applications, Hosting and Remote Infrastructure Management Services. A varied product portfolio at multiple price points allows Sify to also cater to the burgeoning demands of the SMB/SOHO community and the retail consumer; much of it on the cloud platform.
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