|[February 25, 2013]
Sify Reports NASDAQ Staff Deficiency Letter
CHENNAI, India --(Business Wire)--
Sify (News - Alert) 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.
Sify is a recognized ISO 9001:2008 certified service provider for
network operations, data center operations and customer support, and for
provisioning of VPNs, Internet bandwidth, VoIP solutions and integrated
security solutions, and ISO / IEC (News - Alert) 20000 - 1:2005 and ISO/IEC 27001:2005
certified for Internet Data Center operations. Sify has also built a
credible reputation in the emerging Cloud Computing market and is today,
regarded as a domain expert. Sify has licenses to operate NLD (National
Long Distance) and ILD (International Long Distance) services and offers
VoIP backhaul to long distance subscriber telephony services. With the
Sify Cable landing station and the partnerships inked with several cable
companies globally, Sify in present in almost all the spheres of the ICT
The company has an expanding base of Managed Services customers, both in
India and overseas, and is also India's first enterprise managed
services provider to launch a Security Operations Center (SOC) to
deliver managed security services.
Sify Software develops applications and offers services to improve
business efficiencies of its current clients and prospective client
bases. Sify also offers services in the specialized domains of eLearning
for-profit, not-for-profit and government institutions both in India and
globally. The business also operates two of the most popular portals in
India, Sify.com and Samachar.com.
For more information about Sify, visit www.sifycorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements contained herein are subject to risks and
uncertainties that could cause actual results to differ materially from
those reflected in the forward-looking statements. Sify undertakes no
duty to update any forward-looking statements.
For a discussion of the risks associated with Sify's business, please
see the discussion under the caption "Risk Factors" in the company's
Annual Report on Form 20-F for the year ended March 31, 2012, which has
been filed with the United States Securities and Exchange Commission and
is available by accessing the database maintained by the SEC (News - Alert) at www.sec.gov,
and Sify's other reports filed with the SEC.
[ Back To IBM News 's Homepage ]