UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
                                 _____________

                                   FORM 8-K

                               CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported)  July 21, 2010
                                                  -------------


                                  Zanett, Inc.
----------------------------------------------------------------------------
        (Exact name of registrant as specified in its charter)


Delaware                              001-32589              56-4389547
-----------------------------------------------------------------------------
(State or other jurisdiction         (Commission           (IRS Employer
of incorporation)                    File Number)         Identification No.)


635 Madison Avenue, 15th Floor, New York, NY                          10022
(Address of Principal Executive Offices)                           (Zip Code)


Registrant's telephone number, including area code:  (212) 583-0300
                                                     --------------

-----------------------------------------------------------------------------
       (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]     Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act        (17 CFR 240.14d-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act         (17 CFR 240.13e-4(c))


Item 1.01.      Entry into a Material Definitive Agreement.
On July 21, 2010, Zanett, Inc. (the "Company"), together with its wholly-
owned subsidiary, Zanett Commercial Solutions, Inc. ("ZCS"; and together with
the Company, the "Borrowers"), entered into a First Amended Forbearance
Agreement (the "Amended Agreement") with Bank of America, N.A., as successor-
by-merger to LaSalle Bank National Association (the "Lender") which amended
the Forbearance Agreement entered into between the Borrowers and the Lender
on June 21, 2010 (the "Original Agreement").  The Company reported the
Original Agreement and filed it as an exhibit to a Current Report on Form 8-K
filed on June 25, 2010.

The Amended Agreement relates to the existence of certain events of default
under the Loan and Security Agreement between the Borrowers and the Lender
dated December 21, 2006, as amended (the "Loan Agreement"), and the
expiration of the term of the Original Agreement on July 21, 2010.  Under the
Amended Agreement, the Lender agreed to continue to forbear from exercising
the rights and remedies available to it under the Loan Agreement until the
earlier of the occurrence of: (i) an event of default under the Loan
Agreement (but not including the events of default described in the Original
Agreement or the Amended Agreement), (ii) a breach of the Borrowers'
obligations or covenants under the Original Agreement or Amended Agreement,
or (iii) August 21, 2010 (the "Forbearance Term").  The interest rate under
the Amended Agreement remains the same as under the Original Agreement, and
the advance rate under the Loan Agreement remains eighty percent (80%) of the
face amount of Borrowers' then existing eligible accounts, reduced by 2.5%
each Tuesday commencing on Tuesday, July 6, 2010.

As with the Original Agreement, under the Amended Agreement, upon expiration
or earlier termination of the Forbearance Term, the Lender may, without
notice or demand, cause all outstanding liabilities under the Loan Agreement
to become immediately due and payable, and the Lender may terminate its
obligation to forbear under the Agreement, cease making advances under the
Loan Agreement, and exercise all remedies available to the Lender under law,
equity or otherwise.  The Borrowers agreed to pay the Lender a forbearance
fee equal to $30,000 in connection with the Amended Agreement.

As with the Original Agreement, under the Amended Agreement, the Borrowers
agreed to certain customary covenants, conditions, waivers, and releases,
made certain representations and warranties, and agreed to indemnify the
Lender and its affiliates against actions that may occur under the Loan
Agreement, the Original Agreement, the Amended Agreement, and related
agreements and documents.

The foregoing is a summary of certain material terms and conditions of the
Amended Agreement, and not a complete discussion of the Amended Agreement.
Accordingly, the foregoing is qualified in its entirety by reference to the
full text of the Amended Agreement attached to this Current Report on Form 8-
K in Exhibit 10.1, and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
----------  -----------
10.1        First Amended Forbearance Agreement, effective as of July 21,
2010, among Bank of America, N.A., as successor-by-merger to LaSalle Bank
National Association, Zanett, Inc., and Zanett Commercial Solutions, Inc.
SIGNATURES

       Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                  ZANETT, INC.



Date:  July 28, 2010                By:   /s/ Dennis Harkins
                                          Dennis Harkins
                                          Chief Financial Officer


EXHIBIT INDEX

Exhibit No. Description
---------   -----------

10.1        First Amended Forbearance Agreement, effective as of July 21,
2010, among Bank of America, N.A., as successor-by-merger to LaSalle Bank
National Association, Zanett, Inc., and Zanett Commercial Solutions, Inc.
[{"type": "8-K", "sequence": "1", "filename": "r8kamendment.txt", "secsgml_size_bytes": 6219}]
{"company-data": {"conformed-name": "ZANETT INC", "cik": "0001133872", "assigned-sic": "7389", "irs-number": "564389547", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32589", "film-number": "10973329"}, "business-address": {"street1": "135 E 57TH STREET", "street2": "15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2127595700"}, "mail-address": {"street1": "135 E 57TH ST 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "PLANET ZANETT INC", "date-changed": "20010206"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
                                 _____________

                                   FORM 8-K

                               CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported)  July 21, 2010
                                                  -------------

                                  Zanett, Inc.
----------------------------------------------------------------------------
        (Exact name of registrant as specified in its charter)

Delaware                              001-32589              56-4389547
-----------------------------------------------------------------------------
(State or other jurisdiction         (Commission           (IRS Employer
of incorporation)                    File Number)         Identification No.)

635 Madison Avenue, 15th Floor, New York, NY                          10022
(Address of Principal Executive Offices)                           (Zip Code)

Registrant's telephone number, including area code:  (212) 583-0300
                                                     --------------

-----------------------------------------------------------------------------
       (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]     Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act        (17 CFR 240.14d-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act         (17 CFR 240.13e-4(c))

Item 1.01.      Entry into a Material Definitive Agreement.
On July 21, 2010, Zanett, Inc. (the "Company"), together with its wholly-
owned subsidiary, Zanett Commercial Solutions, Inc. ("ZCS"; and together with
the Company, the "Borrowers"), entered into a First Amended Forbearance
Agreement (the "Amended Agreement") with Bank of America, N.A., as successor-
by-merger to LaSalle Bank National Association (the "Lender") which amended
the Forbearance Agreement entered into between the Borrowers and the Lender
on June 21, 2010 (the "Original Agreement").  The Company reported the
Original Agreement and filed it as an exhibit to a Current Report on Form 8-K
filed on June 25, 2010.

The Amended Agreement relates to the existence of certain events of default
under the Loan and Security Agreement between the Borrowers and the Lender
dated December 21, 2006, as amended (the "Loan Agreement"), and the
expiration of the term of the Original Agreement on July 21, 2010.  Under the
Amended Agreement, the Lender agreed to continue to forbear from exercising
the rights and remedies available to it under the Loan Agreement until the
earlier of the occurrence of: (i) an event of default under the Loan
Agreement (but not including the events of default described in the Original
Agreement or the Amended Agreement), (ii) a breach of the Borrowers'
obligations or covenants under the Original Agreement or Amended Agreement,
or (iii) August 21, 2010 (the "Forbearance Term").  The interest rate under
the Amended Agreement remains the same as under the Original Agreement, and
the advance rate under the Loan Agreement remains eighty percent (80%) of the
face amount of Borrowers' then existing eligible accounts, reduced by 2.5%
each Tuesday commencing on Tuesday, July 6, 2010.

As with the Original Agreement, under the Amended Agreement, upon expiration
or earlier termination of the Forbearance Term, the Lender may, without
notice or demand, cause all outstanding liabilities under the Loan Agreement
to become immediately due and payable, and the Lender may terminate its
obligation to forbear under the Agreement, cease making advances under the
Loan Agreement, and exercise all remedies available to the Lender under law,
equity or otherwise.  The Borrowers agreed to pay the Lender a forbearance
fee equal to $30,000 in connection with the Amended Agreement.

As with the Original Agreement, under the Amended Agreement, the Borrowers
agreed to certain customary covenants, conditions, waivers, and releases,
made certain representations and warranties, and agreed to indemnify the
Lender and its affiliates against actions that may occur under the Loan
Agreement, the Original Agreement, the Amended Agreement, and related
agreements and documents.

The foregoing is a summary of certain material terms and conditions of the
Amended Agreement, and not a complete discussion of the Amended Agreement.
Accordingly, the foregoing is qualified in its entirety by reference to the
full text of the Amended Agreement attached to this Current Report on Form 8-
K in Exhibit 10.1, and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
----------  -----------
10.1        First Amended Forbearance Agreement, effective as of July 21,
2010, among Bank of America, N.A., as successor-by-merger to LaSalle Bank
National Association, Zanett, Inc., and Zanett Commercial Solutions, Inc.
SIGNATURES

       Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                  ZANETT, INC.

Date:  July 28, 2010                By:   /s/ Dennis Harkins
                                          Dennis Harkins
                                          Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description
---------   -----------

10.1        First Amended Forbearance Agreement, effective as of July 21,
2010, among Bank of America, N.A., as successor-by-merger to LaSalle Bank
National Association, Zanett, Inc., and Zanett Commercial Solutions, Inc.