Sify Technologies Ltd. Announces Non-Compliance with Nasdaq Listing Requirements due to Resignation of a Director

Core Viewpoint - Sify Technologies Ltd. is currently in non-compliance with Nasdaq Listing Rules due to the resignation of Dr. Ajay Kumar from its Board of Directors, which has created vacancies that need to be filled to regain compliance [1][2][3]. Compliance Issues - The resignation of Dr. Ajay Kumar has led to non-compliance with Nasdaq Listing Rule 5605(b)(1), which requires a majority of independent directors, and Rule 5605(c)(2), which mandates at least three members on the audit committee [1][2]. - The company has been granted a cure period to regain compliance, lasting until the earlier of its next annual shareholders' meeting or May 15, 2026, with specific compliance deadlines if the meeting occurs before November 11, 2025 [2][4]. Company Actions - The company is actively seeking to appoint another independent director to fill the vacancy left by Dr. Kumar's resignation and aims to comply with Nasdaq Listing Rules within the specified cure period [3][4]. - If compliance is achieved before the end of the cure period, the company must submit documentation to Nasdaq, including biographies of new directors [4]. Company Overview - Sify Technologies is recognized as a leading integrated ICT service and solution provider in India, focusing on digital and AI solutions to meet the demands of the emerging digital economy [7][8]. - The company operates a robust infrastructure, including state-of-the-art data centers and the largest MPLS network in India, catering to over 10,000 businesses across various sectors [8][9].