Thank you Richard. I too came to know of it yesterday from the link below and that kind of sucks for my case.
Microsoft MapPoint Colors
Actually I tried deleting the shapes already. But I am drawing quite a big number of shapes. And I am trying to toggle their visibilty on click of a button. So deleting and redrawing them is very slow.
Fill can be made invisible but not the line. I have decided to use white color which is kind of OK (thin white borders of the shapes are visible but I have no other go).
Srini