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
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Date
of
Report (Date of earliest event reported): June 7, 2007 (June 4,
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 4, 2007, the shareholders of NetSol Technologies, Inc. (the “Company” or
“NetSol”) elected the slate of board of director members set forth in the
Company’s April 20, 2007 definitive proxy statement. As Mr. Derek Soper did not
stand for reelection, his tenure with the Company ended on June 4, 2007. Mr.
Soper’s decision not to stand for reelection was not the result of a
disagreement with NetSol on any matter relating to NetSol’s operations,
policies, or practices. Mr. Soper was a member of the Compensation, Nomination
and Corporate Governance Committee. Mr. Soper has been provided with a copy
of
this disclosure and Mr. Soper has indicated no disagreement with its
content.
Mr.
Alexander Shakow was elected by the shareholders of the Company to fill the
vacancy left by Mr. Soper. There has been no transaction during the last two
years, or proposed transactions, to which NetSol and Mr. Shakow have been
parties. Mr. Shakow has enjoyed a distinguished career with the World Bank
where
he held various high level positions from 1981-2002. Since 2002, he has been
an
independent consultant for a number of international agencies. From 1968-1981
Mr. Shakow worked for the United States Agency for International Development
where he held several high level positions, including Assistant Administrator
for Program and Policy; Director, Office of Development and Planning, Bureau
of
Asia; Director of Indonesia, Malaysia and Singapore affairs. Mr. Shakow was
also
a senior official of the United States Peace Corps from 1963-1967, including
director for Indonesia and Director of Volunteer Training. Mr. Shakow received
his PhD in economics from the London School of Economics and Political Science
in 1962. He earned his undergraduate degree with honors from Swarthmore College.
Mr. Shakow is listed in Who's Who in America and Who's Who in the World;
currently he holds a seat on the Board of Trustees of EnterpriseWorks/VITA.
Mr.
Shakow is an independent director.
Also
elected to the board of directors at the June 4, 2007 meeting were Mr. Najeeb
Ghauri, Mr. Naeem Ghauri, Mr. Salim Ghauri, Mr. Shahid Burki, Mr. Eugen Beckert
and Mr. Mark Caton.
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.
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| NETSOL
TECHNOLOGIES, INC. |
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| Date: June
7,
2007 |
By: |
/s/ Najeeb
Ghauri |
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NAJEEB
GHAURI
Chief
Executive Officer
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| Date: June
7,
2007 |
By: |
/s/ Tina
Gilger |
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TINA
GILGER
Chief
Financial Officer
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