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NetSol Technologies, Inc. - Recent Material Event

Item 5.07  Submission of Matters to a Vote of Security Holders.
 
On August 6, 2012, NetSol Technologies, Inc. (the "Company") convened its annual meeting of shareholders.  The following 4 proposals were submitted to a vote of security holders.  Of the total issued and outstanding shares as of May 30, 2012, the record date, 85.64% or 64,270,938 shares voted in this election.  Broker non-votes, which are voted in the ratification of appointment of auditors, are present for purposes of establishing a quorum, but are not considered voted in other proposals.
 
1.  Election of Directors
 
The following persons were elected directors of the Company to hold office until the next Annual General Meeting of the Shareholders.  A total of 31,784,374 shares of common stock cast votes.  The following sets forth the tabulation of the shares voted for each director:

Director
For
Withhold
% of Total Voted For
Najeeb Ghauri
28,440,764 3,343,610 89.48%
Naeem Ghauri
28,196,706 3,587,668 88.71%
Shahid Burki
28,826,511 2,957,863 90.69%
Eugen Beckert
28,637,420 3,146,954 90.10%
Mark Caton
28,963,526 2,820,848 91.13%

2.  Ratification of Appointment of Auditors

Kabani & Company Inc. was appointed as Auditors for the Company for the fiscal year ended June 30, 2012.  The following sets forth the tabulation of the shares voting for this matter.

Total Shares Voted
For
Against
Abstain
% of Total Voted in Favor
64,270,938
55,599,140
8,149,295
522,503
86.50%

3.  Grant of Authority to the Board of Directors to Effectuate a Reverse Stock Split.
 
The shareholders approved the grant of authority to the board of directors of the company to amend the articles of incorporation for purposes of effectuating a reverse stock split at their discretion within the range of 1:5 to 1:15.   The following sets forth the tabulation of the shares voting in connection with this proposal:
 
Total Shares Voted
For
Against
Abstain
% of Total Voted in Favor
64,270,938
48,149,871
15,237,016
884,051
74.91%

4. Increase the Authorized Shares of Capital Stock

The shareholders approved the amendment of the Company’s articles of incorporation for purposes of increase the authorized shares of capital stock on a pre-split basis to 150,000,000.  The following sets forth the tabulation of the shares voting in connection with this proposal:

Total Shares Voted
For
Against
Abstain
% of Total Voted in Favor 
64,270,938
39,305,690
24,509,602
455,646
61.15%
 
 
 
 
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:           August 10, 2012                                   /s/Najeeb Ghauri
NAJEEB GHAURI
Chief Executive Officer


Date:           August 10, 2012                                   /s/ Boo Ali Siddiqui
BOO ALI SIDDIQUI
Chief Financial Officer