Punjab
National Bank serves notice to Silverline Technologies
Our
Banking Bureau
6 January 2003
 Mumbai:
Punjab National Bank has served a 60 days’ notice
under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Act to Silverline Technologies.
 The
company is listed on the New York Stock Exchange and is
the first IT company to be served notice under the new
Act.
 The bank
has said that it would attach a large residential complex
in Mumbai’s suburb of Andheri (East) and other properties
if the company failed to repay an outstanding loan of
over Rs 4 crore. In addition to the residential premises,
the company owns office premises in Thane.
Silverline Technologies
had recently announced its results for July-September
2002, wherein it had posted a net loss of Rs 6.5 crore
for the quarter, as compared to a net profit of Rs 13.9
crore in the quarter ended 30 September 2001.
 In
September 1999 the company had commissioned the Silverline
Software Technology Park in Thane, a hi-tech facility
with a total area of over 110,000 sq ft spread over eight
floors. The facility could accommodate 1,000 professionals
and had a 512 KBPS dedicated frame relay network to the
US.
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