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Silverline Technologies announced on Monday the closure of its subsidiaries in United States -- namely Silverline Technologies Inc and SeraNova Inc -- 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 on March 31, 2003.
STI and Sera are filing for liquidation in the United States under appropriate local laws, the company said in a release issued to the Bombay Stock Exchange on Monday.