Quarterly report pursuant to Section 13 or 15(d)

Note 18 - Non-Controlling Interest In Subsidiary

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Note 18 - Non-Controlling Interest In Subsidiary
 6 Months Ended
Dec. 31, 2011
Noncontrolling Interest Disclosure [Text Block]
NOTE 18 – NON-CONTROLLING INTEREST IN SUBSIDIARY

The Company had non-controlling interests in several of its subsidiaries. The balance of non-controlling interest was as follows:

SUBSIDIARY
 
Non Controlling
Interest %
   
Non-Controlling
Interest at
December 31,
2011
 
             
NetSol PK
    39.48 %   $ 11,457,869  
NetSol-Innovation
    49.90 %     1,169,147  
VLS
    49.00 %     773,088  
                 
Total
          $ 13,400,105  
                 
SUBSIDIARY
 
Non Controlling
Interest %
   
Non-Controlling
Interest at June 30,
2011
 
                 
NetSol PK
    39.48 %   $ 11,531,694  
NetSol-Innovation
    49.90 %     968,790  
                 
Total
          $ 12,500,484  

(A) NETSOL TECHNOLOGIES, LIMITED (“NETSOL PK”)

For the six months ended December 31, 2011 and 2010, NetSol Technologies Ltd. (“NetSol PK”) had net income of $1,847,135 and $4,356,397. The related non-controlling interest was $729,249 and $1,831,429, respectively.

(B) NETSOL INNOVATION (PRIVATE) LIMITED (“NETSOL INNOVATION”)

For the six months ended December 31, 2011 and 2010, NetSol Innovation (Private) Limited (“NetSol Innovation”) had net income of $501,681 and $452,648. The related non-controlling interest was $250,339 and $225,871, respectively.

(C) VIRTUAL LEASE SERVICES (“VLS”)

For the period ended December 31, 2011, Virtual Lease Services Limited (“VLS”) had a net loss of $34,052. The related 49% non-controlling interest was $16,685.