Sify Technologies Ltd. notified the Nasdaq Stock Market on May 21, 2025, that it was in non-compliance with Nasdaq Listing Rule 5605(b)(1) and 5605(c)(2). This non-compliance resulted from the resignation of Dr. Ajay Kumar from the Company’s Board of Directors.
The rules require that a majority of the Board be composed of independent directors and that the audit committee have at least three members. Dr. Kumar's resignation meant the company no longer met these requirements.
Nasdaq confirmed the non-compliance on June 5, 2025, and provided Sify with a cure period. The company must regain compliance by the earlier of its next annual shareholders’ meeting or May 15, 2026, with a potential earlier deadline of November 11, 2025, if the annual meeting is held before then.
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