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News >> Technology >>
Silverline Tech closes down US subsidiaries
By siliconindia
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Monday, 11 August 2003, 19:30 IST
NEW DELHI: Silverline Technologies Ltd on Monday announced the closure of its subsidiaries in the United States -- Silverline Technologies Inc (STI) and SeraNova Inc.
The firm decided to ring down curtains on the two arms following accumulated deficits from operations and losses on account of write-off of assets.
After the adjustment for losses in subsidiaries, the stockholders equity stood at $4.40 million as of March 31, 2003.
Following the decision to close down operations, STI and Sera are filing for liquidation in the US under appropriate laws, the company said.