This paper studies the existence, uniqueness and global asymptotic stability of the equilibrium point for the class of neural networks with discrete constant time delays under parameter uncertainties. The class of the neural network considered in this paper employs the activation functions which are assumed to be continuous and slope-bounded but not required to be bounded or differentiable. We conduct a stability analysis by exploiting the stability theory of Lyapunov functionals and the theory of Homomorphic mapping to derive some easily verifiable sufficient conditions for existence, uniqueness and global asymptotic stability of the equilibrium point. The conditions obtained mainly establish some time-independent relationships between the network parameters of the neural network. We make a detailed comparison between our results and the previously published corresponding results. This comparison proves that our results are new and improve and generalize the results derived in the past literature. We also give some illustrative numerical examples to show the effectiveness and applicability of our proposed stability results. (C) 2012 Elsevier Ltd. All rights reserved.