Syntel Inc. (SYNT) announced that it has received a notice of deficiency from the Nasdaq Stock Market. The non-compliance is the result of Vasant Raval's resignation from Syntel's Board. The company is no longer in compliance with NASDAQ Listing Rule, which requires its Board to be comprised of a majority of independent directors.
Syntel's Board presently has six members, including three independent directors.
Syntel stated that it plans to identify another independent director for appointment to its Board prior to the expiration of the NASDAQ deadline on August 29, 2010.
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