\ UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __________) *
NETSOL TECHNOLOGIES, INC.
-------------------------
(Name of Issuer)
COMMON STOCK
------------
(Title of Class of Securities)
64115A105
---------
(CUSIP Number)
February 21, 2003
-----------------
Date of Event which Requires Filing of this Statement
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 64115A105 13G PAGE 2 OF 9 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
DCD Holdings Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (A) [ ]
(B) [ ]
Inapplicable
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Channel Islands
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5 SOLE VOTING POWER
NUMBER OF
SHARES 4,100,000 shares (1)
BENEFICIALLY ---------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0 shares
PERSON ---------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
4,100,000 shares (1)
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,100,000 shares (1)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.0%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
CO
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(1) Includes 2,750,000 shares underlying warrants that are currently
exercisable.
CUSIP NO. 64115A105 13G PAGE 3 OF 9 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
Ahmed Randeree
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (A) [ ]
(B) [ ]
Inapplicable
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0 shares
BENEFICIALLY ---------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,050,000 shares (1)
PERSON ---------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0 shares
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,050,000 shares (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,050,000 shares (1)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
(1) Includes 1,375,000 shares underlying warrants that are currently
exercisable.
CUSIP NO. 64115A105 13G PAGE 4 OF 9 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
Nicholas St. Clair Morgan
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (A) [ ]
(B) [ ]
Inapplicable
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0 shares
BENEFICIALLY ---------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,050,000 shares (1)
PERSON ---------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0 shares
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,050,000 shares (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,050,000 shares (1)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
(1) Includes 1,375,000 shares underlying warrants that are currently
exercisable.
CUSIP NO. 64115A105 13G PAGE 5 OF 9 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
The Randeree Family Trust
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (A) [ ]
(B) [ ]
Inapplicable
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0 shares
BENEFICIALLY ---------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,050,000 shares (1)
PERSON ---------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0 shares
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,050,000 shares (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,050,000 shares (1)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
(1) Includes 1,375,000 shares underlying warrants that are currently
exercisable.
CUSIP NO. 64115A105 13G PAGE 6 OF 9 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
The Morgan Family Trust
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (A) [ ]
(B) [ ]
Inapplicable
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0 shares
BENEFICIALLY ---------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,050,000 shares (1)
PERSON ---------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0 shares
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,050,000 shares (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,050,000 shares (1)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
(1) Includes 1,375,000 shares underlying warrants that are currently
exercisable.
ITEM 1.
(A) NAME OF ISSUER - NetSol Technologies, Inc.
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES - 24011 Ventura
Blvd., Suite 101, Calabasas, CA 91302.
ITEM 2.
(A) NAMES OF PERSON FILING - DCD Holdings Limited, The Morgan Family
Trust, Nicholas St. Clair Morgan, The Randeree Family Trust and
Shabir Ahmed Randeree
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE - P.O.
Box 303, Chancery Chambers, 8 Duhamel Place, St. Heiler, Jersey,
Channel Islands JE4 8UN
(C) CITIZENSHIP OR PLACE OF ORGANIZATION - All persons filing are
citizens of or are organized in the United Kingdom except for DCD
Holdings Limited, which is organized in the Channel Islands.
(D) TITLE OF CLASS OF SECURITIES - Common Stock
(E) CUSIP NUMBER - 64115A105
ITEM 3.
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of the act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974 or
Endowment Fund; see Section 240.13d-l(b)(l)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Section
240.13d-l(b)(ii)(G) (Note: See Item 7)
(h) [ ] Group, in accordance with Section 240.13d-l(b)(l)(ii)(J)
ITEM 4. OWNERSHIP
(A) AMOUNT BENEFICIALLY OWNED - DCD Holdings Limited ("DCD") and its
board of directors have the sole power to vote or direct the vote
and to dispose or direct the disposition of, and therefore
beneficially own, 4,100,000 shares of common stock, which includes
2,750,000 shares underlying warrants that are currently exercisable.
Each of The Morgan Family Trust and The Randeree Family Trust holds
a fifty percent ownership interest in DCD and is represented on its
board of directors. Nicholas St. Clair Morgan serves as trustee of
The Morgan Family Trust, and Ahmed Randeree serves as trustee of The
Randeree Family Trust. Each of The Morgan Family Trust, Mr. Morgan,
The Randeree Family Trust and Mr. Randeree has shared power to vote
or direct the vote and to dispose or direct the disposition of
2,050,000 shares, which includes 1,375,000 shares underlying
warrants that are currently exercisable, although each of them
disclaims beneficial ownership except to the extent of its or his,
as the case may be, pecuniary interest therein.
(B) PERCENT OF CLASS - The shares of common stock beneficially owned in
the aggregate by DCD represent approximately 16.0% of such class,
which is based upon 22,861,909 shares of common stock outstanding as
of February 21, 2003.
(C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(I) SOLE POWER TO VOTE OR TO DIRECT THE VOTE - DCD Holdings
Limited has the sole power to vote or to direct the vote of
4,100,000 shares of common stock, which includes 2,750,000
shares underlying warrants that are currently exercisable.
(II) SHARED POWER TO VOTE OR TO DIRECT THE VOTE - Each of The
Morgan Family Trust and Nicholas St. Clair Morgan shares the
power to vote or direct the vote of 2,050,000 shares of common
stock, which includes 1,375,000 shares underlying warrants
that are currently exercisable. Each of The Randeree Family
Trust and Ahmed Randeree shares the power to vote or direct
the vote of 2,050,000 shares of common stock, which includes
1,375,000 shares underlying warrants that are currently
exercisable.
(III) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF - DCD
Holdings Limited has the sole power to dispose or direct the
disposition of 4,100,000 shares of common stock, which
includes 2,750,000 shares underlying warrants that are
currently exercisable.
(IV) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF - Each
of The Morgan Family Trust and
12
Nicholas St. Clair Morgan shares the power to dispose or
direct the disposition of 2,050,000 shares of common stock,
which includes 1,375,000 shares underlying warrants that are
currently exercisable. Each of The Randeree Family Trust and
Ahmed Randeree shares the power to dispose or direct the
disposition of 2,050,000 shares of common stock, which
includes 1,375,000 shares underlying warrants that are
currently exercisable.
ITEM 5. OWNERSHIP OF 5 PERCENT OR LESS OF A CLASS
If this Statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of security, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN 5 PERCENT ON BEHALF OF ANOTHER PERSON
Inapplicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITIES BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Inapplicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Inapplicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Inapplicable.
ITEM 10. CERTIFICATION
Inapplicable.
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Date: March 3, 2003 DCD Holdings Limited
Signature: /s/ SHABIR AHMED RANDAREE
----------------------------------
Name: Shabir Ahmed Randeree
Title: Director
Signature: /s/ AHMED RANDAREE
----------------------------------
Name: Ahmed Randeree
Signature: /s/ NICHOLAS ST. CLAIR MORGAN
----------------------------------
Name: Nicholas St. Clair Morgan
The Randeree Family Trust
Signature: /s/ AHMED RANDAREE
----------------------------------
Name: Ahmed Randeree
Title: Trustee
The Morgan Family Trust
Signature: /s/ NICHOLAS ST. CLAIR MORGAN
----------------------------------
Name: Nicholas St. Clair Morgan
Title: Trustee
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
Exhibit A
AGREEMENT FOR JOINT FILING OF SCHEDULE 13G
Shabir Ahmed Randeree and Nicholas St. Clair Morgan, individually and as
trustees of The Randeree Family Trust and The Morgan Family Trust, respectively,
agree that the Schedule 13G dated March 3, 2003 regarding NetSol Technologies,
Inc. has been filed on behalf of each of The Randeree Family Trust, The Morgan
Family Trust, Ahmed Randeree and Nicholas St. Clair Morgan as of March 3, 2003.
Signature: /s/ AHMED RANDAREE
----------------------------------
Name: Ahmed Randeree
Signature: /s/ NICHOLAS ST. CLAIR MORGAN
----------------------------------
Name: Nicholas St. Clair Morgan
The Randeree Family Trust
Signature: /s/ AHMED RANDAREE
----------------------------------
Name: Ahmed Randeree
Title: Trustee
The Morgan Family Trust
Signature: /s/ NICHOLAS ST. CLAIR MORGAN
----------------------------------
Name: Nicholas St. Clair Morgan
Title: Trustee