UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Sify Limited
--------------------------------------------------------
(Name of Issuer)
Equity Shares, par value Rs. 10 per share
--------------------------------------------------------
(Title of Class of Securities)
82655M991/1/
--------------------------------------------------------
(CUSIP Number)
February 25, 2004
--------------------------------------------------------
(Date of Event Which Required Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
/1/ This Schedule 13G relates to ownership of equity shares which are not
publicly traded in the United States or India. The CUSIP number for the American
Depositary Shares, each representing one equity share, is 82655M991.
--------------------------
CUSIP No. 82655M991 13G/A Page 2 of 7 Pages
--------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOUTH ASIA REGIONAL FUND
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
MAURITIUS
---------------------------- ------ --------------------------------------------
5 SOLE VOTING POWER
1,552,285*
NUMBER OF SHARES ------ --------------------------------------------
BENEFICIALLY OWNED BY SHARED VOTING POWER
EACH REPORTING 6 0
PERSON WITH ------ --------------------------------------------
SOLE DISPOSITIVE POWER
7 1,552,285*
------ --------------------------------------------
SHARED DISPOSITIVE POWER
8 0
-------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,552,285*
-------- -----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [_]
NOT APPLICABLE
-------- -----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%*
-------- -----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
-------- -----------------------------------------------------------------------
* Includes shares held by the other reporting person.
--------------------------
CUSIP No. 82655M991 13G/A Page 3 of 7 Pages
--------------------------
-------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SASISP HOLDINGS LIMITED
-------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
-------- -----------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
MAURITIUS
---------------------------- ------ --------------------------------------------
5 SOLE VOTING POWER
1,552,285
NUMBER OF SHARES ------ --------------------------------------------
BENEFICIALLY OWNED BY SHARED VOTING POWER
EACH REPORTING 6 0
PERSON WITH ------ --------------------------------------------
SOLE DISPOSITIVE POWER
7 1,552,285
------ --------------------------------------------
SHARED DISPOSITIVE POWER
8 0
-------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,552,285
-------- -----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [_]
NOT APPLICABLE
-------- -----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5%
-------- -----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
-------- -----------------------------------------------------------------------
--------------------------
CUSIP No. 82655M991 13G/A Page 4 of 7 Pages
--------------------------
Item 1(a). Name of Issuer:
Sify Limited
Item 1(b). Address of Issuer's Principal Executive Offices:
271-A, Anna Salai, Teynampet, Chennai 600 018, India
Item 2(a). Name of Person Filing:
South Asia Regional Fund ("South Asia Regional Fund")
SASISP Holdings Limited ("SASISP")
Item 2(b). Address of Principal Business Office or, if none, Residence:
The address of the principal office of South Asia Regional Fund
is:
Les Cascade Building, Edith Cavell Street, Port Louis,
Mauritius
The address of the principal office of SASISP is:
Les Cascade Building, Edith Cavell Street, Port Louis,
Mauritius
Item 2(c). Citizenship:
The citizenship of both South Asia Regional Fund and SASISP are
Mauritius.
Item 2(d). Title of Class of Securities:
Equity Shares, par value Rs. 10 per share
Item 2(e). CUSIP Number:
82655M991
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b) or (c), check whether the person filing is a:
(a) [_] Broker or dealer registered under section 15 of the Act;
(b) [_] Bank as defined in section 3(a)(6) of the Act;
--------------------------
CUSIP No. 82655M991 13G/A Page 5 of 7 Pages
--------------------------
(c) [_] Insurance company as defined in section 3(a)(19) of the
Act;
(d) [_] Investment company registered under section 8 of the
Investment Company Act of 1940;
(e) [_] An investment adviser in accordance with Rule 13d-1(b)
(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G) (Note: See Item 7);
(h) [_] A savings association as defined in section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the
Investment Company Act of 1940;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
If this statement is filed pursuant to Rule 13d-1(c), check this
box. [X]
Item 4. Ownership.
(a) Amount beneficially owned: See Item 9 of cover pages.
(b) Percent of class: See Item 11 of cover pages.
(c) Number of shares as to which the person has:
(i) sole power to vote or to direct the vote: See Item 5 of
cover pages.
(ii) shared power to vote or to direct the vote: See Item 6
of cover pages.
(iii) sole power to dispose or to direct the disposition of:
See Item 7 of cover pages.
(iv) shared power to dispose or to direct the disposition of:
See Item 8 of cover pages.
--------------------------
CUSIP No. 82655M991 13G/A Page 6 of 7 Pages
--------------------------
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [X].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person.
South Asia Regional Fund is the sole stockholder of SASISP, which is a
wholly-owned subsidiary of South Asia Regional Fund.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
--------------------------
CUSIP No. 82655M991 13G/A Page 7 of 7 Pages
--------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 4, 2004
South Asia Regional Fund
By: /s/ Kailash Sharma Ramnauth
--------------------------------------
Name: Kailash Sharma Ramnauth
Title: Director - International
Venture Capital Management
Limited Manager
of South Asia Regional Fund
SASISP Holdings Limited
By: /s/ Gaetan Bouic
--------------------------------------
Name: Gaetan Bouic
Title: Director