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): December 1, 2006

                              ZANETT, INC

         (Exact name of registrant as specified in its charter)



      DELAWARE                    1-32589                 56-4389547
  (State or other                (Commission             (IRS Employer
  jurisdiction of                File Number)         Indentification No.)
   incorporation)




             635 Madison Avenue, 15th Floor, New York, NY 10022
                  (Address of principal executive offices)

                            (646) 502-1800
          (Registrant's telephone number, including area code)

                            Not Applicable

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

<PAGE>

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 December 1, 2006, Zanett, Inc. (the "Company") entered into a new,
unsecured promissory note in an aggregate principal amount of $5.0 million
(the "New Note") with Bruno Guazzoni, the uncle of the Company's Chief
Executive Officer, Claudio Guazzoni, and the owner of approximately 31.2% of
the Company's outstanding common stock.  In addition to the New Note, the
Company currently has outstanding five promissory notes with Mr. Guazzoni
in an aggregate principal amount of $6.075 million.

     Approximately $4,551,843 of the proceeds of the New Note was used to
repay in full the Company's credit facility with Fifth Third Bank, which
expired by its terms on November 30, 2006, with the remainder being held on
deposit with Fifth Third Bank, as the Company continues to use Fifth Third
Bank for cash management.  The New Note has a stated maturity date of November
30, 2008 (the "Maturity Date").  The Company may prepay the loan at any time
prior to the Maturity Date without penalty.

       The New Note bears interest at Prime plus 2%, payable monthly in
arrears, beginning December 2006.  No payments of principal are due until the
Maturity Date.

       The New Note may be accelerated upon the occurrence of certain events,
including (i) the Company's failure to pay the principal amount or accrued
interest on the Maturity Date, (ii) an admission by the Company of its
inability to pay its debts as they mature, or a general assignment for the
benefit of any of the Company's creditors, or (iii) proceedings in bankruptcy
by the Company.

       As previously disclosed in the Company's Form 10-Q for the quarter
ended September 30, 2006, the Company has accepted a proposal from LaSalle
Bank N.A. for a $10 million credit facility.  The Company's negotiations with
respect to this credit facility are reference in its press release dated
November 30, 2006, which is attached as Exhibit 99.1 and incorporated in this
report by reference.


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant

   The information reported under Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits 99.1 Press release dated November 30, 2006

<PAGE>



                              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: December 6, 2006                   By: /s/ Dennis Harkins
                                             -------------------------
                                             Dennis Harkins
                                             Chief Financial Officer
[{"type": "8-K", "sequence": "1", "filename": "r8kbrunoloan.txt", "secsgml_size_bytes": 4541}]
{"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": "061259927"}, "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): December 1, 2006

                              ZANETT, INC

         (Exact name of registrant as specified in its charter)

      DELAWARE                    1-32589                 56-4389547
  (State or other                (Commission             (IRS Employer
  jurisdiction of                File Number)         Indentification No.)
   incorporation)

             635 Madison Avenue, 15th Floor, New York, NY 10022
                  (Address of principal executive offices)

                            (646) 502-1800
          (Registrant's telephone number, including area code)

                            Not Applicable

    (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 December 1, 2006, Zanett, Inc. (the "Company") entered into a new,
unsecured promissory note in an aggregate principal amount of $5.0 million
(the "New Note") with Bruno Guazzoni, the uncle of the Company's Chief
Executive Officer, Claudio Guazzoni, and the owner of approximately 31.2% of
the Company's outstanding common stock.  In addition to the New Note, the
Company currently has outstanding five promissory notes with Mr. Guazzoni
in an aggregate principal amount of $6.075 million.

     Approximately $4,551,843 of the proceeds of the New Note was used to
repay in full the Company's credit facility with Fifth Third Bank, which
expired by its terms on November 30, 2006, with the remainder being held on
deposit with Fifth Third Bank, as the Company continues to use Fifth Third
Bank for cash management.  The New Note has a stated maturity date of November
30, 2008 (the "Maturity Date").  The Company may prepay the loan at any time
prior to the Maturity Date without penalty.

       The New Note bears interest at Prime plus 2%, payable monthly in
arrears, beginning December 2006.  No payments of principal are due until the
Maturity Date.

       The New Note may be accelerated upon the occurrence of certain events,
including (i) the Company's failure to pay the principal amount or accrued
interest on the Maturity Date, (ii) an admission by the Company of its
inability to pay its debts as they mature, or a general assignment for the
benefit of any of the Company's creditors, or (iii) proceedings in bankruptcy
by the Company.

       As previously disclosed in the Company's Form 10-Q for the quarter
ended September 30, 2006, the Company has accepted a proposal from LaSalle
Bank N.A. for a $10 million credit facility.  The Company's negotiations with
respect to this credit facility are reference in its press release dated
November 30, 2006, which is attached as Exhibit 99.1 and incorporated in this
report by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant

   The information reported under Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits 99.1 Press release dated November 30, 2006
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: December 6, 2006                   By: /s/ Dennis Harkins
                                             -------------------------
                                             Dennis Harkins
                                             Chief Financial Officer