UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
______________________________________
Date
of
Report (Date of earliest event reported): January 2, 2007 (January 1,
2007)
Commission
file number: 0-22773
NETSOL
TECHNOLOGIES, INC.
(Exact
name of small business issuer as specified in its charter)
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NEVADA
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95-4627685
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(State
or other Jurisdiction
of
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(I.R.S.
Employer NO.)
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Incorporation
or Organization)
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23901
Calabasas Road, Suite 2072, Calabasas, CA 91302
(Address
of principal executive offices) (Zip Code)
(818)
222-9195 / (818) 222-9197
(Issuer's
telephone/facsimile numbers, including area code)
Item
5.02 Departure of Directors or Principal Officers
Effective
January 1, 2007, Mr. Jim Moody resigned from the position of member of the
Board
of Directors of NetSol Technologies, Inc. (the “Company” or “NetSol”). Mr.
Moody’s resignation was not the result of a disagreement with NetSol on any
matter relating to NetSol’s operations, policies, or practices. Mr. Moody was a
member of the Compensation, Nomination and Corporate Governance Committee and
was Chairman of the Audit Committee. The Chairmanship of the Audit Committee
has
been assumed by Mr. Shahid Javed Burki. Mr. Moody has been provided with a
copy
of this disclosure and Mr. Moody has indicated no disagreement with its
content.
Mr.
Mark
Caton has been elected by the board of directors to fill the vacancy left by
Mr.
Moody effective January 1, 2007. Mr. Caton has joined the Compensation,
Nomination and Corporate Governance and Audit Committees as a member. There
has
been no transaction during the last two years, or proposed transactions, to
which NetSol and Mr. Caton have been parties in which Mr. Caton has had a direct
or indirect material interest. Mr. Caton is currently President of Centela
Systems, Inc. a distributor of computer peripheral solutions in the multimedia
and digital electronic market segment, a position he held since 2003. Prior
to
joining Centela, Mr. Caton was President of NetSol Technologies USA, responsible
for US sales, from June 2002 to December 2003. Mr. Caton was employed by ePlus
from 1997 to 2002 as Senor Account Representative. He is a member of the UCLA
Alumni Association Board of Directors. Mr. Caton is an independent director.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused
this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| NETSOL
TECHNOLOGIES, INC. |
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| Date: January
2, 2007 |
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/s/ Najeeb
Ghauri |
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NAJEEB
GHAURI |
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Chief
Executive Officer |
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| Date: January
2, 2007 |
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/s/ Tina
Gilger |
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TINA
GILGER |
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Chief
Financial Officer,
Secretary |