Major Shareholder Calls for NetSol Shake-Up

NetSol International Inc.’s largest shareholder called for a shake-up in the software developer’s management, a regulatory filing said. Blue Water Master Fund, a Manhasset, N.Y.-based hedge fund group, said the fund and its affiliates were “determined to protect the value of their investment� through the “removal and replacement of certain individuals currently employed� by NetSol. Blue Water didn’t give any other details in the 13D filing with the Securities and Exchange Commission. In a statement, NetSol said: “The management team is intact and has the support of the board. No changes are anticipated in the board or the management.� A Blue Water fund official could not be reached. The shares of the Calabasas-based software developer fell 90% last year from its high in March, creating a paper loss of more than $153 million for the Blue Water hedge fund group. The fund owns 19.1%, or 2.1 million shares. Shares of NetSol fell 88 cents to close at $7.13 on the Nasdaq Small-Cap market.