Exhibit 1

                             SILVERLINE LETTERHEAD
[GRAPHIC OMITTED]


FOR IMMEDIATE RELEASE


          SILVERLINE TECHNOLOGIES LIMITED ANNOUNCES DELAY IN THE FILING
                       OF ITS ANNUAL REPORT ON FORM 20-F

PISCATAWAY, NJ - OCTOBER 16, 2002 - SILVERLINE TECHNOLOGIES LIMITED (NYSE:SLT
AND BSE:SLVR), announced today that it would be unable to file its Annual Report
on Form 20-F for the fiscal year ended March 31, 2002 on time with the
Securities and Exchange Commission. The Company had previously filed an
extension of the time to file its Annual Report on Form 20-F under Rule 12b-25
of the Securities Exchange Act of 1934, as amended, but has since determined
that it will be unable to comply with the filing deadline imposed by such rule.
The company is unable to complete its Annual Report on Form 20-F at this time
because substantially all of management's attention has recently been devoted to
negotiating the terms of the previously announced sale of one of its divisions,
dealing with legal disputes and efforts to raise additional funds. The company
anticipates filing its Annual Report on Form 20-F on or about November 29, 2002.

ABOUT SILVERLINE


Silverline Technologies Limited (NYSE: SLT and BSE: SLVR) is an international
software development and integration services firm, with over 1,800 software
professionals world-wide.

Silverline provides a comprehensive set of eBusiness consulting and IT services,
including strategic consulting, creative design, technology integration and
implementation, as well as management and maintenance of Internet and legacy
applications.

Silverline focuses primarily on Global 2000 clients in key industry sectors,
such as automotive/discrete manufacturing, financial services,
healthcare/insurance, technology and telecommunications. The Company also has
extensive experience in technologies such as mobile and wireless applications,
ePayments and enterprise information portals, as well as in business processes
such as customer relationship management (CRM), eProcurement and online
marketplaces, channel management and employee enablement.

Silverline delivers its services through a global network of software
development centers. At the heart of the network are core offshore centers in
Chennai, Hyderabad and Mumbai, in India, and Cairo, Egypt. These centers support
regional development facilities located close to clients throughout North
America, Europe and Asia Pacific. With SEI CMM Level 4 and ISO 9001 certified
processes, Silverline uses this Global Delivery Model to provide superior
service, accelerated delivery and significant cost savings to clients around the
world. Visit Silverline on the World Wide Web at www.silverline.com.


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NOTE: Silverline, the Silverline `S' logo and 'The Power of Approach' are
registered trademarks and SeraNova, the SeraNova logo, `i-team and N/able are
service marks of Silverline Technologies Ltd. in the United States and other
countries. All other trademarks are the property of their owners.






         SILVERLINE TECHNOLOGIES LIMITED ANNOUNCES DELAY IN THE FILING
                       OF ITS ANNUAL REPORT ON FORM 20-F



SAFE HARBOR STATEMENT


Except for the historical information and discussions contained herein,
statements included in this release may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from those
than may be projected by these forward-looking statements. These risks and
uncertainties include, but are not limited to competition, acquisitions,
attracting, recruiting and retaining highly skilled employees, technology, law
and regulatory policy and managing risks associated with customer projects as
well as other risks detailed in the reports filed by Silverline Technologies
Limited with the Securities and Exchange Commission. Silverline undertakes no
obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.


For further information please contact:

Investor:
US    - Ramji Srinivasulu, +1-732-584-5300
India - Mohnika Ahluwalia, +91-22-533-8160-64 ext. 2353

Media:
Lawrence Alfonso, +91-40-324-0189




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