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):
March 17, 2006 (March 17, 2006)
Commission file number: 0-22773
NETSOL TECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)
NEVADA 95-4627685
(State or other Jurisdiction of I.R.S. Employer NO.)
Incorporation or Organization)
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 4.01 Changes in Registrant's Certifying Accountant.
Effective on March 17, 2006, Kabani & Company, Certified Public Accountants who
acts as the Company's principal auditor has agreed to provide audit and review
services to the Company's subsidiaries in Pakistan, for the purpose of reporting
on the consolidated financial statements of the Company, commencing on March 31,
2006.. Kabani & Company replaces Saeed Kamran Patel & Co., Chartered
Accountants, who has resigned in this scope. The change of the subsidiary's
accountant was approved by the audit committee of the board of directors. We
have contacted Saeed Kamran Patel & Co, Chartered Accountants regarding this
replacement and there are no disagreements between us and Saeed Kamran Patel &
Co., whether resolved or not resolved, on any matter of accounting principles or
practices, financial statements disclosures or auditing scope or procedure,
which would cause them to make reference to the subject matter of a disagreement
in connection with their report in the last two years. Saeed Kamran Patel &
Co.'s report on our subsidiary's financial statements does not contain any
adverse opinions or disclaimers of opinions and is not qualified or modified as
to uncertainty, auditing scope or accounting principles
Prior to engaging the new accountant, we did not consult with it regarding any
accounting or auditing concerns stated in Item 304(a)(2) of Regulation S-B.
We have provided Saeed Kamran Patel & Co with a copy of the disclosure provided
within this caption of this report and they have advised the Commission as to
whether it agrees or disagrees with the disclosure made therein.
A copy of their response is attached hereto and incorporated herein by this
reference.
Exhibits
16. Response of Saeed Kamran Patel & Co.
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.
Date: March 16, 2006 /s/ Naeem Ghauri
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NAEEM GHAURI
Chief Executive Officer
Date: March 16, 2006 /s/ Tina Gilger
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TINA GILGER
Chief Financial Officer
EXHIBIT 16
LETTER ON CHANGE IN CERTIFYING ACCOUNTANT
LETTER DATED March 16, 2006 FROM SAEED KAMRAN PATEL & CO.
March 16, 2006
Securities Exchange Commission
100 F Street NE
Washington, DC 20549
Dear Sir or Madam:
Re: NetSol Technologies, Inc..
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We have read the statements about our firm included under Item 4.01 of the Form
8-K of NetSol Technologies, Inc. dated March 16, 2006 and we are in agreement
with the statements concerning our firm in such Form 8-K.
/s/ Saeed Kamran Patel & Co., Chartered Accountants
Saeed Kamran Patel & Co., Chartered Accountants