Sify Technologies Ltd. (SIFY), a major ICT solutions provider in India, informed Nasdaq on May 21, 2025, that it no longer meets specific listing requirements following the resignation of Dr. Ajay Kumar from its Board of Directors.
His departure, to fulfill a constitutional duty assigned by the President of India, left the company in violation of Nasdaq Listing Rule 5605(b)(1), which mandates that a board majority be independent, and Rule 5605(c)(2), requiring at least three audit committee members.
On June 5, Nasdaq officially notified Sify of the non-compliance. However, under Listing Rules 5605(b)(1)(A) and 5605(c)(4), Sify has been granted a cure period. The company must restore compliance by its next annual shareholders' meeting or by May 15, 2026—whichever comes first. If that meeting occurs before November 11, 2025, compliance must be demonstrated by that date.
The notice does not affect the current listing or trading of Sify's ADSs on the Nasdaq Capital Market. Sify is actively seeking a qualified independent director to fill the vacancy and ensure it meets governance standards within the cure period.
If Sify regains compliance before the deadline, it must submit supporting documents to Nasdaq. Failure to comply will result in a delisting notice, though Sify would retain the right to appeal to a Nasdaq Hearings Panel.
SIFY is currently trading at $4.69, or 3.2990% lower on the NasdaqCM.
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