W 052/08 OSR — NetSol Technologies Inc
WAIVER AND MODIFICATION NOTICE
|To||NetSol Technologies Inc|
23901, Calabasas Road, Suite 2072,
Calabasas, California, 91024
United States of America
|DFSA Firm Reference No.||F000804|
THE DFSA HEREBY GIVES NOTICE THAT:
|OSR||A2.2.1 Item 3, A3.1.1 Item 7 and A3.1.1 Item 2|
The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table accordingly. In this notice Table B shows only those items that have been modified. The remaining items are unaltered and remain in force.
|OSR A3.1.1, Item 1||
|OSR A3.1.1, Item 6.||
|OSR A3.2.1, Item 1.||
|OSR A3.2.1, Item 2.||
The annual report of a Reporting Entity must:
(a) identify the chairman, the Chief Executive, the Directors and the members of the nomination, audit and remuneration committees;
(b) set out the number of meetings of the Governing Body and of those committees that were held;
(c) set out a record of individual attendance by Directors at meetings;
(d) describe the manner of operation of the Governing Body, including as to which types of decisions are taken by the Governing Body and which are delegated to management;
(e) describe the work of the nomination committee, including the process it has used in relation to Governing Body appointments;
(f) contain a statement of remuneration policy and detail the remuneration of each
(g) describe the work of the audit committee in discharging its responsibilities; and
(h) set out the information required under (a) to (g) explicitly or be incorporated by reference to other statutory documents required to be published by the SEC which contain such information.
(a) explain their responsibility for the accounts; and
(b) report whether or not, in their opinion, the business of the Reporting Entity is a going concern, with supporting assumptions or qualifications as necessary.
If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.
This notice comes into effect on the date of issue of this notice and remains in force until further notice.
The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.
Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.
THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:
|Name :||Michael Zamorski|
|Position :||Acting Chief Executive|
|DATE OF ISSUE:||29 July 2008|