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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on July&nbsp;17, 2006</B>
</DIV>

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    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Sify Limited</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Its Charter)</B></DIV>


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    <TD align="center" valign="top"><B>Republic of India</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Tidel Park, 2nd Floor<BR>
No.&nbsp;4, Canal Bank Road, Taramani<BR>
Chennai 600 113, India<BR>
(91)&nbsp;44-254-0770</B><BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>ASSOCIATE STOCK OPTION PLAN 2005</B><BR>
(Full Title of the Plan)</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>CT CORPORATION SYSTEM<BR>
111 8th Avenue<BR>
New York, New York 10011<BR>
(212)&nbsp;894-8940</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copy to:</I></B><BR>
<B>Anthony J. Richmond, Esq.<BR>
Latham &#038; Watkins LLP<BR>
140 Scott Drive<BR>
Menlo Park, California 94025<BR>
(650)&nbsp;328-4600</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(Name and Address of Agent for Service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

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    <TD width="6%">&nbsp;</TD>
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    <TD width="13%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of Securities to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Per Unit (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price (2)(3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Equity Shares, par value Rs. 10 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">1,900,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$9.825</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$18,667,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,997.43</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This registration statement shall also cover any additional Equity Shares which become
issuable under the Associate Stock Option Plan 2005 by reason of any stock dividend, stock
split, recapitalization or other similar transaction effected without the receipt of
consideration which results in an increase in the number of the outstanding Equity Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee, based on the average of
the high and low prices of the American Depositary Shares as reported on the Nasdaq National
Stock Market on July&nbsp;13, 2006 in accordance with Rule 457(c) promulgated under the Securities
Act of 1933, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>American Depositary Shares, each representing one Equity Share, issuable upon deposit of
Equity Shares, have been registered on a separate Registration Statement on Form F-6 (File No.
333-10982), as amended.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22109exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22109exv23w2.htm">EXHIBIT 23.2</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>








<!-- link1 "PART I " -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information called for in Part&nbsp;I of the Form S-8 is not being filed with or included in
this registration statement on Form S-8 (the &#147;Registration Statement&#148;) (by incorporation by
reference or otherwise) in accordance with the rules and regulations of the Securities and Exchange
Commission (the &#147;Commission&#148;).
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Commission by the Registrant are incorporated as of
their respective dates in this Registration Statement on Form S-8 by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Annual Report on Form 20-F, filed with the Commission on June&nbsp;30,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on April&nbsp;11,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on April&nbsp;19,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on April&nbsp;20,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on April&nbsp;20,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on April&nbsp;25,
2006; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Report on Form 6-K, filed with the Commission on June&nbsp;15,
2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), after the date of this
Registration Statement and prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
are incorporated by reference in this Registration Statement and are a part hereof from the date of
filing such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
</DIV>

<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has obtained directors and officers insurance providing indemnification for a
number of its directors, officers, affiliates, partners or employees for specified errors and
omissions.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a list of exhibits filed as part of this Registration Statement, which are
incorporated herein:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deposit Agreement, dated as of October&nbsp;18, 1999, among Sify Limited, Citibank,
N.A. and holders from time to time of American Depositary Receipts issued thereunder
(including, as an exhibit, the form of American Depositary Receipt). (Previously filed
as an exhibit to the Post-Effective Amendment No.&nbsp;1 to Form F-6 (File No.&nbsp;333-10982)
filed with the Commission on January&nbsp;5, 2000 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment No.&nbsp;1 to Deposit Agreement among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including,
as an exhibit, the form of American Depository Receipt). (Previously filed as an
exhibit to the Post-Effective Amendment No.&nbsp;1 to Form F-6 (File No.&nbsp;333-10982) filed
with the Commission on January&nbsp;5, 2000 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment No.&nbsp;2 to Deposit Agreement among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including,
as an exhibit, the form of American Depository Receipt). (Previously filed as an
exhibit to the Registration Statement on Form S-8 (File No.&nbsp;333-101322) filed with
Commission on November&nbsp;20, 2002 and incorporated herein by reference.)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subscription Agreement dated November&nbsp;10, 2005 between Sify Limited and
Infinity Capital Ventures, LP. (Previously filed as an exhibit to the Report on Form
6-K (File No.&nbsp;000-27663) filed with the Commission on November&nbsp;21, 2005 and
incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Standstill Agreement dated November&nbsp;10, 2005 by and among Sify Limited,
Infinity Capital Ventures, LP and Mr.&nbsp;Raju Vegesna. (Previously filed as an exhibit to
the Report on Form 6-K (File No.&nbsp;000-27663) filed with the Commission on November&nbsp;21,
2005 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholders&#146; Agreement dated December&nbsp;20, 2005 by and among Sify Limited,
Infinity Satcom Universal (P)&nbsp;Limited, and Sify Communications Limited. (Previously
filed as an exhibit to the Report on Form 6-K (File No.&nbsp;000-27663) filed with the
Commission on December&nbsp;23, 2005 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Addendum dated April&nbsp;13, 2006 to the Shareholders&#146; Agreement, dated December
20, 2005, by and among Sify Limited, Infinity Satcom Universal (P)&nbsp;Limited and Sify
Communications Limited. (Previously filed as an exhibit to the Report on Form 6-K (File
No.&nbsp;000-27663) filed with the Commission on April&nbsp;25, 2006 and incorporated herein by
reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholders&#146; Agreement dated November&nbsp;25, 2005 by and among Sify Limited, Man
Financial Holdings Limited and Refco-Sify Securities India Private Limited. (Previously
filed as an exhibit to the Report on Form 6-K (File No.&nbsp;000-27663) filed with the
Commission on December&nbsp;7, 2005 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of M.G. Ramachandran.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Associate Stock Option Plan 2005. (Previously filed as an exhibit to the Annual Report
on Form 20-F (File No.&nbsp;000-27663) filed with the Commission on June&nbsp;30, 2006 and
incorporated herein by reference.)</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of M.G. Ramachandran (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of KPMG, India, Independent auditors.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on the signature page of this Registration Statement).</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information in the
Registration Statement. To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) (&#167; 230.424(b) of this chapter) if, in the aggregate, the
changes in volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however,</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the Registration
Statement is on Form S-8 (&#167;239.16b of this chapter), and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the Registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in
the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report
pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Chennai, State of Tamil Nadu, Country of India, on this
14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of July, 2006.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>SIFY LIMITED</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ R. Ramaraj
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;&nbsp;&nbsp;R. Ramaraj
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints R. Ramaraj and Durgesh
Mehta, and each of them, as attorney-in-fact with the power of substitution, for him or her in
any and all capacities, to sign any amendment to this Registration Statement (including
post-effective amendments and registration statements filed pursuant to Rule&nbsp;462 and otherwise),
and to file the same, with exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting to said attorneys-in-fact, and each of them
individually, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or
each of them individually, or their substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities on the dates indicated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ R. Ramaraj
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;R.
Ramaraj
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Managing
Director (Principal Executive
Officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Durgesh Mehta
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;Durgesh
Mehta
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer (Principal
Financial Officer and Principal
Accounting Officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ C.B. Mouli
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;C.B.
Mouli
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ S. K. Rao
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;S.
K. Rao
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ T.H. Chowdary
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;T.H.
Chowdary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ R.D. Thulasiraj
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;R.D.
Thulasiraj
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ P.S. Raju
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;P.S.
Raju
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Raju Vegesna
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;Raju
Vegesna*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;14, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Raju Vegesna, the Chairman of our Board of Directors, is located in he United States.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





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<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INDEX TO EXHIBITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>EXHIBIT</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deposit Agreement, dated as of October&nbsp;18, 1999, among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including, as an
exhibit, the form of American Depositary Receipt). (Previously filed as an exhibit to the
Post-Effective Amendment No.&nbsp;1 to Form F-6 (File No.&nbsp;333-10982) filed with the Commission on
January&nbsp;5, 2000 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment No.&nbsp;1 to Deposit Agreement among Sify Limited, Citibank, N.A. and holders from time
to time of American Depositary Receipts issued thereunder (including, as an exhibit, the form
of American Depository Receipt). (Previously filed as an exhibit to the Post-Effective
Amendment No.&nbsp;1 to Form F-6 (File No.&nbsp;333-10982) filed with the Commission on January&nbsp;5, 2000
and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment No.&nbsp;2 to Deposit Agreement among Sify Limited, Citibank, N.A. and holders from time
to time of American Depositary Receipts issued thereunder (including, as an exhibit, the form
of American Depository Receipt). (Previously filed as an exhibit to the Registration Statement
on Form S-8 (File No.&nbsp;333-101322) filed with Commission on November&nbsp;20, 2002 and incorporated
herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subscription Agreement dated November&nbsp;10, 2005 between Sify Limited and Infinity Capital
Ventures, LP. (Previously filed as an exhibit to the Report on Form 6-K (File No.&nbsp;000-27663)
filed with the Commission on November&nbsp;21, 2005 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Standstill Agreement dated November&nbsp;10, 2005 by and among Sify Limited, Infinity Capital
Ventures, LP and Mr.&nbsp;Raju Vegesna. (Previously filed as an exhibit to the Report on Form 6-K
(File No.&nbsp;000-27663) filed with the Commission on November&nbsp;21, 2005 and incorporated herein by
reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholders&#146; Agreement dated December&nbsp;20, 2005 by and among Sify Limited, Infinity Satcom
Universal (P)&nbsp;Limited, and Sify Communications Limited. (Previously filed as an exhibit to the
Report on Form 6-K (File No.&nbsp;000-27663) filed with the Commission on December&nbsp;23, 2005 and
incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Addendum dated April&nbsp;13, 2006 to the Shareholders&#146; Agreement, dated December&nbsp;20, 2005, by and
among Sify Limited, Infinity Satcom Universal (P)&nbsp;Limited and Sify Communications Limited.
(Previously filed as an exhibit to the Report on Form 6-K (File No.&nbsp;000-27663) filed with the
Commission on April&nbsp;25, 2006 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholders&#146; Agreement dated November&nbsp;25, 2005 by and among Sify Limited, Man Financial
Holdings Limited and Refco-Sify Securities India Private Limited. (Previously filed as an
exhibit to the Report on Form 6-K (File No.&nbsp;000-27663) filed with the Commission on December
7, 2005 and incorporated herein by reference.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of M.G. Ramachandran.</TD>
</TR>



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Associate Stock Option Plan 2005. (Previously filed as an exhibit to the Annual Report on Form
20-F (File No.&nbsp;000-27663) filed with the Commission on June&nbsp;30, 2006 and incorporated herein by
reference.)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of M.G. Ramachandran (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of KPMG, India, Independent auditors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on the signature page of this Registration Statement).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on July 17, 2006
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Sify Limited
(Exact Name of Registrant as Specified in Its Charter)
Republic of India
Not Applicable
(State or Other Jurisdiction of
(IRS Employer
Incorporation or Organization)
Identification Number)
Tidel Park, 2nd Floor
No. 4, Canal Bank Road, Taramani
Chennai 600 113, India
(91) 44-254-0770
(Address of Principal Executive Offices)
ASSOCIATE STOCK OPTION PLAN 2005
(Full Title of the Plan)
CT CORPORATION SYSTEM
111 8th Avenue
New York, New York 10011
(212) 894-8940
Copy to:
Anthony J. Richmond, Esq.
Latham & Watkins LLP
140 Scott Drive
Menlo Park, California 94025
(650) 328-4600
(Name and Address of Agent for Service)
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
to be
Offering Price
Aggregate Offering
Amount of
Title of Each Class of Securities to be Registered
Registered(1)
Per Unit (2)
Price (2)(3)
Registration Fee
Equity Shares, par value Rs. 10 per share
1,900,000
$9.825
$18,667,500
$1,997.43
(1)
This registration statement shall also cover any additional Equity Shares which become
issuable under the Associate Stock Option Plan 2005 by reason of any stock dividend, stock
split, recapitalization or other similar transaction effected without the receipt of
consideration which results in an increase in the number of the outstanding Equity Shares.
(2)
Estimated solely for the purpose of calculating the registration fee, based on the average of
the high and low prices of the American Depositary Shares as reported on the Nasdaq National
Stock Market on July 13, 2006 in accordance with Rule 457(c) promulgated under the Securities
Act of 1933, as amended.
(3)
American Depositary Shares, each representing one Equity Share, issuable upon deposit of
Equity Shares, have been registered on a separate Registration Statement on Form F-6 (File No.
333-10982), as amended.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 5.1
EXHIBIT 23.2
Table of Contents
PART I
The information called for in Part I of the Form S-8 is not being filed with or included in
this registration statement on Form S-8 (the "Registration Statement") (by incorporation by
reference or otherwise) in accordance with the rules and regulations of the Securities and Exchange
Commission (the "Commission").
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed with the Commission by the Registrant are incorporated as of
their respective dates in this Registration Statement on Form S-8 by reference:
•
the Registrant's Annual Report on Form 20-F, filed with the Commission on June 30,
2006;
•
the Registrant's Current Report on Form 6-K, filed with the Commission on April 11,
2006;
•
the Registrant's Current Report on Form 6-K, filed with the Commission on April 19,
2006;
•
the Registrant's Current Report on Form 6-K, filed with the Commission on April 20,
2006;
•
the Registrant's Current Report on Form 6-K, filed with the Commission on April 20,
2006;
•
the Registrant's Current Report on Form 6-K, filed with the Commission on April 25,
2006; and
•
the Registrant's Current Report on Form 6-K, filed with the Commission on June 15,
2006.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), after the date of this
Registration Statement and prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
are incorporated by reference in this Registration Statement and are a part hereof from the date of
filing such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not
Table of Contents
be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
The Registrant has obtained directors and officers insurance providing indemnification for a
number of its directors, officers, affiliates, partners or employees for specified errors and
omissions.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
The following is a list of exhibits filed as part of this Registration Statement, which are
incorporated herein:
4.1
Deposit Agreement, dated as of October 18, 1999, among Sify Limited, Citibank,
N.A. and holders from time to time of American Depositary Receipts issued thereunder
(including, as an exhibit, the form of American Depositary Receipt). (Previously filed
as an exhibit to the Post-Effective Amendment No. 1 to Form F-6 (File No. 333-10982)
filed with the Commission on January 5, 2000 and incorporated herein by reference.)
4.2
Amendment No. 1 to Deposit Agreement among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including,
as an exhibit, the form of American Depository Receipt). (Previously filed as an
exhibit to the Post-Effective Amendment No. 1 to Form F-6 (File No. 333-10982) filed
with the Commission on January 5, 2000 and incorporated herein by reference.)
4.3
Amendment No. 2 to Deposit Agreement among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including,
as an exhibit, the form of American Depository Receipt). (Previously filed as an
exhibit to the Registration Statement on Form S-8 (File No. 333-101322) filed with
Commission on November 20, 2002 and incorporated herein by reference.)
Table of Contents
4.4
Subscription Agreement dated November 10, 2005 between Sify Limited and
Infinity Capital Ventures, LP. (Previously filed as an exhibit to the Report on Form
6-K (File No. 000-27663) filed with the Commission on November 21, 2005 and
incorporated herein by reference.)
4.5
Standstill Agreement dated November 10, 2005 by and among Sify Limited,
Infinity Capital Ventures, LP and Mr. Raju Vegesna. (Previously filed as an exhibit to
the Report on Form 6-K (File No. 000-27663) filed with the Commission on November 21,
2005 and incorporated herein by reference.)
4.6
Shareholders' Agreement dated December 20, 2005 by and among Sify Limited,
Infinity Satcom Universal (P) Limited, and Sify Communications Limited. (Previously
filed as an exhibit to the Report on Form 6-K (File No. 000-27663) filed with the
Commission on December 23, 2005 and incorporated herein by reference.)
4.7
Addendum dated April 13, 2006 to the Shareholders' Agreement, dated December
20, 2005, by and among Sify Limited, Infinity Satcom Universal (P) Limited and Sify
Communications Limited. (Previously filed as an exhibit to the Report on Form 6-K (File
No. 000-27663) filed with the Commission on April 25, 2006 and incorporated herein by
reference.)
4.8
Shareholders' Agreement dated November 25, 2005 by and among Sify Limited, Man
Financial Holdings Limited and Refco-Sify Securities India Private Limited. (Previously
filed as an exhibit to the Report on Form 6-K (File No. 000-27663) filed with the
Commission on December 7, 2005 and incorporated herein by reference.)
5.1
Opinion of M.G. Ramachandran.
10.1
Associate Stock Option Plan 2005. (Previously filed as an exhibit to the Annual Report
on Form 20-F (File No. 000-27663) filed with the Commission on June 30, 2006 and
incorporated herein by reference.)
23.1
Consent of M.G. Ramachandran (included in Exhibit 5.1).
23.2
Consent of KPMG, India, Independent auditors.
24.1
Power of Attorney (included on the signature page of this Registration Statement).
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
(a) (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
Table of Contents
(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information in the
Registration Statement. To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the
changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
Provided, however,
Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the Registration
Statement is on Form S-8 (§239.16b of this chapter), and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the Registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in
the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
Table of Contents
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Chennai, State of Tamil Nadu, Country of India, on this
14
th
day of July, 2006.
SIFY LIMITED
By:
/s/ R. Ramaraj
Name:   R. Ramaraj
Title:     Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints R. Ramaraj and Durgesh
Mehta, and each of them, as attorney-in-fact with the power of substitution, for him or her in
any and all capacities, to sign any amendment to this Registration Statement (including
post-effective amendments and registration statements filed pursuant to Rule 462 and otherwise),
and to file the same, with exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting to said attorneys-in-fact, and each of them
individually, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or
each of them individually, or their substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities on the dates indicated:
Signature
Title
Date
/s/ R. Ramaraj
R.
Ramaraj
Chief Executive Officer and Managing
Director (Principal Executive
Officer)
July 14, 2006
/s/ Durgesh Mehta
Durgesh
Mehta
Chief Financial Officer (Principal
Financial Officer and Principal
Accounting Officer)
July 14, 2006
Table of Contents
Signature
Title
Date
/s/ C.B. Mouli
C.B.
Mouli
Director
July 14, 2006
/s/ S. K. Rao
S.
K. Rao
Director
July 14, 2006
/s/ T.H. Chowdary
T.H.
Chowdary
Director
July 14, 2006
/s/ R.D. Thulasiraj
R.D.
Thulasiraj
Director
July 14, 2006
/s/ P.S. Raju
Director
July 14, 2006
P.S.
Raju
/s/ Raju Vegesna
Raju
Vegesna*
Director
July 14, 2006
*
Mr. Raju Vegesna, the Chairman of our Board of Directors, is located in he United States.
Table of Contents
INDEX TO EXHIBITS
EXHIBIT
4.1
Deposit Agreement, dated as of October 18, 1999, among Sify Limited, Citibank, N.A. and
holders from time to time of American Depositary Receipts issued thereunder (including, as an
exhibit, the form of American Depositary Receipt). (Previously filed as an exhibit to the
Post-Effective Amendment No. 1 to Form F-6 (File No. 333-10982) filed with the Commission on
January 5, 2000 and incorporated herein by reference.)
4.2
Amendment No. 1 to Deposit Agreement among Sify Limited, Citibank, N.A. and holders from time
to time of American Depositary Receipts issued thereunder (including, as an exhibit, the form
of American Depository Receipt). (Previously filed as an exhibit to the Post-Effective
Amendment No. 1 to Form F-6 (File No. 333-10982) filed with the Commission on January 5, 2000
and incorporated herein by reference.)
4.3
Amendment No. 2 to Deposit Agreement among Sify Limited, Citibank, N.A. and holders from time
to time of American Depositary Receipts issued thereunder (including, as an exhibit, the form
of American Depository Receipt). (Previously filed as an exhibit to the Registration Statement
on Form S-8 (File No. 333-101322) filed with Commission on November 20, 2002 and incorporated
herein by reference.)
4.4
Subscription Agreement dated November 10, 2005 between Sify Limited and Infinity Capital
Ventures, LP. (Previously filed as an exhibit to the Report on Form 6-K (File No. 000-27663)
filed with the Commission on November 21, 2005 and incorporated herein by reference.)
4.5
Standstill Agreement dated November 10, 2005 by and among Sify Limited, Infinity Capital
Ventures, LP and Mr. Raju Vegesna. (Previously filed as an exhibit to the Report on Form 6-K
(File No. 000-27663) filed with the Commission on November 21, 2005 and incorporated herein by
reference.)
4.6
Shareholders' Agreement dated December 20, 2005 by and among Sify Limited, Infinity Satcom
Universal (P) Limited, and Sify Communications Limited. (Previously filed as an exhibit to the
Report on Form 6-K (File No. 000-27663) filed with the Commission on December 23, 2005 and
incorporated herein by reference.)
4.7
Addendum dated April 13, 2006 to the Shareholders' Agreement, dated December 20, 2005, by and
among Sify Limited, Infinity Satcom Universal (P) Limited and Sify Communications Limited.
(Previously filed as an exhibit to the Report on Form 6-K (File No. 000-27663) filed with the
Commission on April 25, 2006 and incorporated herein by reference.)
4.8
Shareholders' Agreement dated November 25, 2005 by and among Sify Limited, Man Financial
Holdings Limited and Refco-Sify Securities India Private Limited. (Previously filed as an
exhibit to the Report on Form 6-K (File No. 000-27663) filed with the Commission on December
7, 2005 and incorporated herein by reference.)
5.1
Opinion of M.G. Ramachandran.
10.1
Associate Stock Option Plan 2005. (Previously filed as an exhibit to the Annual Report on Form
20-F (File No. 000-27663) filed with the Commission on June 30, 2006 and incorporated herein by
reference.)
23.1
Consent of M.G. Ramachandran (included in Exhibit 5.1).
23.2
Consent of KPMG, India, Independent auditors.
24.1
Power of Attorney (included on the signature page of this Registration Statement).