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Syntel board noncompliant with Nasdaq rules

June 15, 2016

IT service provider Syntel Inc. (NASD: SYNT) received notification from Nasdaq that the company is noncompliant with the listing rules, according to a filing with the US Securities and Exchange Commission. The non-compliance cited by Nasdaq is the result of George Mrkonic, Jr. not standing for re-election to Syntel’s board of directors on June 8.

With the departure of Mrkonic, Syntel is no longer in compliance with a listing rule which requires the board to be comprised of a majority of independent directors. Syntel’s board presently has eight members, including four independent directors.

Syntel has until June 8, 2017 at the latest to gain compliance. The company reported it has initiated a search process and plans to identify another independent director for appointment to its board of directors prior to the expiration of the Nasdaq deadline.