The Board also has taken note of the Company becoming debt free
20/07/2007

Silverline Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 20, 2007, inter alia, have considered the following: 1. The Board noted the first time turn around performance of the company for the year 2006-07. 2. The Board also has taken note of the Company becoming debt free. 3. The Board also has taken note of the on-going capital reduction and demerger exercise for which the company has got the in-principle clearance of the exchange and the company has proceeded further with the filing of demerger and capital reduction petition with the honorable high court of Mumbai for which the Court Convened EGM is scheduled to be held on August 11, 2007. 4. The Board also approved rising of money through FCCB for the purpose of corporate structuring and further business strengthening in terms of acquisitions and broad basing of working capital needs. 5. The Board was informed about the proposed acquisition targets for which the board has taken note and requested Mr. Ravi Subramanian to engage due diligence agencies and negotiate and inform the board about the progress. 6. The company has short listed 3 companies for the purpose of acquisitions in North America.

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