Currently OPT, H1 denied. Going for Masters to establish CPT but if I release SEVIS and transfer it my OPT will be cancelled. Deadline for SEVIS transfer for Masters is 25th August and CPT wont start until September 1. k garne ho please suggest.

Can't you take a week off from work until your CPT kicks in ?
BTW, why was your H1-B declined ? I only ask coz I am in the same boat that I have applied for H1 and awaiting decision.

beats.. taking week off will still make me employed during the timeframe.
I am assuming that HR will fire and hire me again.
I don't know the reason why H1B was declined, I am never lucky in lotteries. Too many people applied this time.

Honestly yo OPT CPT ma testo kai tracking hudaina...so timi ley maja ley ek hapta kaam na garera pachi CPT aauna milcha.... timro status lai kai hudaina....

For example I was in CPT and I took a week off until my OPT kicked in while I was still employed...as long as your get accepted in that college and they provide you CPT within a week, you should be fine..Another thing, next year you won't be counted against that lottery thing as you were not selected this year so you have have a bonafide company you will get your h1 b next year...btw kun college ho testo ja ek week mai cpt dincha ??

You do not have to worry. Your company needs your CPT information and would submit the request accordingly to immigration. Technically you will be new hire. You can just take a week off and still maintain your status and work.
I did the same last time.