[November 18, 2009] Ikanos Communications names Danial Faizullabhoy to audit committee Tweet Nov 18, 2009 (M2 EQUITYBITES via COMTEX) -- Provider of advanced broadband semiconductor and software products Ikanos Communications Inc (Nasdaq:IKAN) has appointed Danial Faizullabhoy to serve on the company's audit committee, the company announced on Tuesday. Faizullabhoy replaces Elizabeth Fetter on an interim basis, who served on the audit committee and resigned, effective 24 August 2009, when the investment by investors affiliated with Tallwood Venture Capital was completed. The Tallwood investors are entitled to elect three directors and have elected Dado Banatao and George Pavlov to the board. They have not yet elected a third director. The company expects the third director would join the company's audit committee upon election. Ikanos also reported today that it received written notification from the Nasdaq stock market that while the company's audit committee was composed of only two members, the committee did not comply with Nasdaq Listing Rule 5605(c)(2)(A), which requires listed companies to maintain an audit committee comprised of at least three members, all of whom must be independent. Nasdaq had provided a cure period, which was the shorter of one year or the occurrence of the company's next annual stockholder meeting. With the appointment of Faizullabhoy to the audit committee, the company said that it now complies with Nasdaq Listing Rule 5605. Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]