EXHIBIT 1

PRESS RELEASE OF SILVERLINE TECHNOLOGIES LIMITED, DATED DECEMBER 20, 2002.





[GRAPHIC OMITTED][GRAPHIC OMITTED]  SILVERLINE

FOR IMMEDIATE RELEASE


MUMBAI, INDIA AND PISCATAWAY, NJ (DECEMBER 20, 2002): Silverline Technologies
(NYSE - SLT; BSE - SLVR) (the "Company") an international software development
and integration services firm, today announced the following update on its
operational status.

Silverline Technologies Limited (the "Company") announced today that it is
nearing completion of its audited Annual Report on Form 20-F for the fiscal year
ended March 31, 2002 to be filed with the Securities and Exchange Commission. An
unaudited transition report for a three-month period ended June 30, 2002 also
will be filed with the Form 20-F because the Company changed its fiscal year
from March 31 to June 30. The Company will then promptly distribute its Annual
Report to its shareholders in accordance with the rules of the New York Stock
Exchange.

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, to November 15, 2002. Due to the late change in the Company's
independent auditors for its major subsidiary, Silverline Technologies Inc., and
the Christmas holidays, the Company expects to file its Annual Report on Form
20-F in the next four weeks.

On December 2, 2002, Ram Associates, an independent audit firm, was retained to
perform the audit for the fiscal year ended March 31, 2002 and for the
three-month period ended March 31, 2001. The financial audit for the year ended
December 31, 2000 had been performed by Deloitte & Touche LLP ("Deloitte"). The
Company would like to thank Deloitte for its past services. While the Company is
deeply appreciative of Deloitte's services, the Company's present cost-cutting
policies necessitated the change in auditors. The Company welcomes Ram
Associates as its new independent auditors.

The Company also announced that on October 29, 2002, Mr. K. Kulathu Subramanian
was appointed a Wholetime Director of the Company, and that on December 3, 2002,
Dr. Nirmal Jain, then the Company's Vice Chairman of the Board of Directors,
President and Chief Executive Officer, resigned from his positions with the
Company for personal reasons. Dr. Jain had served in such capacities since
August 6, 2002. Ravi Subramanian, the Company's Chairman of the Board of
Directors, was appointed Chief Executive Officer by the Board.





As part of the Company's ongoing operational and financial restructuring, the
Company has also begun new initiatives in Business Process Outsourcing ("BPO") /
IT Enabled Services ("ITES") in addition to the applications development and
software consulting services. The company also announced that it is in
negotiations with major BPO/ ITES vendors in US & Europe and anticipate
outsourcing of new projects in these areas from its Software Technology Park
("STP") Centers at Chennai and Thane, India. As a result, the onsite-based
activities in New Jersey, USA will be scaled down and the new projects
initiatives will be driven from the offshore sites.

The Company has also completed its previously announced Global Depository
Receipts ("GDR") issuance on the Luxembourg Stock Exchange. The Company is
awaiting completion of regulatory approvals both in India and abroad following
the listing of these GDR shares. The Company is expecting to raise up to
approximately $17 million from this offering, the proceeds of which will be used
for reducing its debt and working capital.

The Company also announced that due to, among other factors, the downturn in the
market for information technology services, the Company's share price on the New
York Stock Exchange (NYSE) had fallen below the $1.00 minimum requirement, and
as a result, the Company is not currently in compliance with the minimum share
price continued listing requirements of the NYSE. The NYSE's rules allow for a
cure period of six months, subject to certain conditions. However, in the past
two weeks, the Company's stock price has been at or above $1.00, and the Company
believes that with its new business focus and plan, that its share price will
come into compliance with the NYSE's requirements.

ABOUT SILVERLINE


Silverline Technologies Limited (NYSE: SLT and BSE: SLVR) is an international
software development and integration services firm.


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, and Mumbai, in India. 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.


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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: IR@silverline.com


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