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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      DC 20549</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of</strong></font></div>
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      Securities Exchange Act of 1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>January
      20, 2006</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>NAYNA
      NETWORKS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nevada</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="3%">&#160;</td>
            <td valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">000-13822</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83-0210455</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation)</font></div>
            </td>
            <td align="left" valign="bottom" width="3%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
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            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4699
      OLD IRONSIDES DRIVE, SUITE 420</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SANTA
      CLARA, CALIFORNIA 95054</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices, including zip code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(408)
      956-8000</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font></div>
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      name or former address, if changed since last report)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 20, 2006, Nayna Networks, Inc., a Nevada corporation (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nayna</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
      entered into a First Amendment to Asset Purchase Agreement (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amendment</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),
      with
      Abundance Networks, Inc., a Delaware corporation and wholly-owned subsidiary
      of
      Nayna (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Operating
      Sub</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Abundance
      Networks, LLC, a Delaware limited liability company (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Abundance</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),
      and
      Abundance Networks (India) Pvt Ltd, an India private limited company and a
      wholly-owned subsidiary of Abundance (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Abundance
      India</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),
      pursuant to which the parties modified the number of shares of Nayna Common
      Stock to be issued to Abundance in connection with the Acquisition (as defined
      below). A copy of the Amendment is attached hereto as Exhibit 10.1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Naveen S. Bisht, its President and Chief Executive Officer (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Bisht
      Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      The
      Bisht Agreement provides for the continued employment of Mr. Bisht as Nayna&#8217;s
      President and Chief Executive Officer for a term beginning January 2, 2006
      and
      ending January 2, 2007. The Bisht Agreement automatically renews for consecutive
      additional one-year terms unless earlier terminated in accordance with its
      terms. Under the Bisht Agreement, Mr. Bisht is entitled to an annual base salary
      of $175,000, as may be adjusted from time to time by the Compensation Committee
      of the Board of Directors. Mr. Bisht is also eligible to participate in any
      management bonus plans established by the Board of Directors or any committee
      administering such plan from time to time. Upon the termination of Mr. Bisht&#8217;s
      employment by the Company other than &#8220;for cause&#8221; (as defined in the Bisht
      Agreement), Mr. Bisht has the right to receive a severance payment in an amount
      equal to 6 times his monthly base salary and the vesting of shares subject
      to
      any outstanding option agreement then held by Mr. Bisht shall be accelerated
      in
      an amount equal to the number of shares which would have vested had Mr. Bisht
      remained employed by the Company for an additional 6 months. Furthermore, upon
      the occurrence of a Change of Control (as defined in the Bisht Agreement),
      all
      unvested shares subject to any outstanding option agreement then held by Mr.
      Bisht shall be immediately accelerated. A copy of the Bisht Agreement is
      attached hereto as Exhibit 10.2.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Michael Meyer, its Chief Financial Officer (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Meyer
      Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      The
      Meyer Agreement provides for the continued employment of Mr. Meyer as Nayna&#8217;s
      Chief Financial Officer for a term beginning January 2, 2006 and ending January
      2, 2007. The Meyer Agreement automatically renews for consecutive additional
      one-year terms unless earlier terminated in accordance with its terms. Under
      the
      Meyer Agreement, Mr. Meyer is entitled to an annual base salary of $150,000,
      as
      may be adjusted from time to time by the Compensation Committee of the Board
      of
      Directors. Mr. Meyer is also eligible to participate in any management bonus
      plans established by the Board of Directors or any committee administering
      such
      plan from time to time. Upon the termination of Mr. Meyer&#8217;s employment by the
      Company other than &#8220;for cause&#8221; (as defined in the Meyer Agreement), Mr. Meyer
      has the right to receive a severance payment in an amount equal to 6 times
      his
      monthly base salary and the vesting of shares subject to any outstanding option
      agreement then held by Mr. Meyer shall be accelerated in an amount equal to
      the
      number of shares which would have vested had Mr. Meyer remained employed by
      the
      Company for an additional 6 months. Furthermore, upon the occurrence of a Change
      of Control (as defined in the Meyer Agreement), all unvested shares subject
      to
      any outstanding option agreement then held by Mr. Meyer shall be immediately
      accelerated. A copy of the Meyer Agreement is attached hereto as Exhibit 10.3.
      </font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Gautam Chanda, its Senior Vice President, Business Development and Operations
      (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chanda
      Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      The
      Chanda Agreement provides for the continued employment of Mr. Chanda as Nayna&#8217;s
      Senior Vice President, Business Development and Operations for a term beginning
      January 2, 2006 and ending January 2, 2007. The Chanda Agreement automatically
      renews for consecutive additional one-year terms unless earlier terminated
      in
      accordance with its terms. Under the Chanda Agreement, Mr. Chanda is entitled
      to
      an annual base salary of $150,000, as may be adjusted from time to time by
      the
      Compensation Committee of the Board of Directors. Mr. Chanda is also eligible
      to
      participate in any management bonus plans established by the Board of Directors
      or any committee administering such plan from time to time. Upon the termination
      of Mr. Chanda&#8217;s employment by the Company other than &#8220;for cause&#8221; (as defined in
      the Chanda Agreement), Mr. Chanda has the right to receive a severance payment
      in an amount equal to 6 times his monthly base salary and the vesting of shares
      subject to any outstanding option agreement then held by Mr. Chanda shall be
      accelerated in an amount equal to the number of shares which would have vested
      had Mr. Chanda remained employed by the Company for an additional 6 months.
      Furthermore, upon the occurrence of a Change of Control (as defined in the
      Chanda Agreement), all unvested shares subject to any outstanding option
      agreement then held by Mr. Chanda shall be immediately accelerated. A copy
      of
      the Chanda Agreement is attached hereto as Exhibit 10.4.</font></div>
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 20, 2006, pursuant to the terms of that certain Asset Purchase
      Agreement, dated December 1, 2005, as amended by the Amendment, by and among
      Nayna, Operating Sub,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Abundance,
      and Abundance India (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Purchase
      Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),
      Nayna
      purchased substantially all of the assets of Abundance, and Abundance
      transferred those purchased assets to Operating Sub (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Acquisition</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      As
      consideration for the purchase of the assets, Nayna assumed certain liabilities
      of Abundance and issued 2,170,408 shares of its Common Stock to Abundance.
      In
      addition, up to 1,750,000 shares may be issued to Abundance, based on
      achievement of certain revenue and earnings milestones. Certain issuances of
      shares are subject to a true-up calculation, whereby, the total number of shares
      issued may be adjusted by multiplying the original number of shares issued
      by
      $2.00 and dividing by </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      average of the closing prices of Nayna&#8217;s Common Stock during the twenty
      consecutive trading days ending one day prior to the date of the
      adjustment</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      as
      traded on the OTCBB (or other national exchange).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Abundance
      is a privately held company located in Shelton, Connecticut, that provides
      Ethernet over Sonet/SDH, enterprise-class network solutions and services. A
      copy
      of the press release announcing the closing of the transaction is attached
      hereto as Exhibit 99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02. UNREGISTERED SALES OF EQUITY SECURITIES.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Acquisition, Nayna issued 2,170,408 shares of its Common
      Stock to Abundance. The issuance of Nayna&#8217;s shares of Common Stock to Abundance
      was exempt from registration under the Securities Act of 1933, as amended,
      pursuant to Section 4(2) thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01. FINANCIAL STATEMENTS AND EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(c)
      Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>No.</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="66%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="66%">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                Amendment to Asset Purchase Agreement, dated January 20, 2006, by
                and
                among Nayna Networks, Inc., Abundance Networks, Inc., Abundance Networks,
                LLC and Abundance Networks (India) Pvt. Ltd.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Naveen S. Bisht.</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Michael Meyer.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Gautam Chanda.</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release, dated January 23, 2006, announcing the purchase of substantially
                all of the assets of Abundance Networks, LLC. </font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="66%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="37%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NAYNA
                NETWORKS, INC.</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="37%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="37%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;&#160;
                </font></div>
            </td>
            <td align="left" valign="top" width="23%" style="border-bottom: black thin solid;"><font size="2">/s/
              Michael Meyer</font></td>
            <td align="left" valign="top" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="37%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Michael
                Meyer</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chief
                Financial Officer</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>February
      7, 2006</strong></font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>No.</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="66%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="66%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Amendment to Asset Purchase Agreement, dated January 20, 2006,
                  by and
                  among Nayna Networks, Inc., Abundance Networks, Inc., Abundance
                  Networks,
                  LLC and Abundance Networks (India) Pvt. Ltd.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Naveen S. Bisht.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Michael Meyer.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Gautam Chanda.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release, dated January 23, 2006, announcing the purchase of substantially
                  all of the assets of Abundance Networks, LLC. </font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="66%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br><br></div>
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{"company-data": {"conformed-name": "Nayna Networks, Inc.", "cik": "0000769591", "assigned-sic": "3576", "irs-number": "830210455", "state-of-incorporation": "WY", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13822", "film-number": "06585286"}, "business-address": {"street1": "5525 SOUTH 900 EAST SUITE 110", "city": "SALT LAKE CITY", "state": "UT", "zip": "84117", "phone": "8012628844"}, "mail-address": {"street1": "5525 SOUTH 900 EAST SUITE 110", "city": "SALT LAKE CITY", "state": "UT", "zip": "84117"}, "former-company": {"former-conformed-name": "RESCON TECHNOLOGY CORP", "date-changed": "19990629"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 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)
January
      20, 2006
NAYNA
      NETWORKS, INC.
(Exact
      name of registrant as specified in its charter)
Nevada
000-13822
83-0210455
(State
                or other jurisdiction of
incorporation)
(Commission
                File Number)
(IRS
                Employer
Identification
                No.)
4699
      OLD IRONSIDES DRIVE, SUITE 420
SANTA
      CLARA, CALIFORNIA 95054
(Address
      of principal executive offices, including zip code)
(408)
      956-8000
(Registrant's
      telephone number, including area code)
(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.
A.
On
      January 20, 2006, Nayna Networks, Inc., a Nevada corporation ("
Nayna
")
      entered into a First Amendment to Asset Purchase Agreement (the "
Amendment
"),
      with
      Abundance Networks, Inc., a Delaware corporation and wholly-owned subsidiary
      of
      Nayna ("
Operating
      Sub
"),
Abundance
      Networks, LLC, a Delaware limited liability company ("
Abundance
"),
      and
      Abundance Networks (India) Pvt Ltd, an India private limited company and a
      wholly-owned subsidiary of Abundance ("
Abundance
      India
"),
      pursuant to which the parties modified the number of shares of Nayna Common
      Stock to be issued to Abundance in connection with the Acquisition (as defined
      below). A copy of the Amendment is attached hereto as Exhibit 10.1.
B.
On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Naveen S. Bisht, its President and Chief Executive Officer (the "
Bisht
      Agreement
").
      The
      Bisht Agreement provides for the continued employment of Mr. Bisht as Nayna's
      President and Chief Executive Officer for a term beginning January 2, 2006
      and
      ending January 2, 2007. The Bisht Agreement automatically renews for consecutive
      additional one-year terms unless earlier terminated in accordance with its
      terms. Under the Bisht Agreement, Mr. Bisht is entitled to an annual base salary
      of $175,000, as may be adjusted from time to time by the Compensation Committee
      of the Board of Directors. Mr. Bisht is also eligible to participate in any
      management bonus plans established by the Board of Directors or any committee
      administering such plan from time to time. Upon the termination of Mr. Bisht's
      employment by the Company other than "for cause" (as defined in the Bisht
      Agreement), Mr. Bisht has the right to receive a severance payment in an amount
      equal to 6 times his monthly base salary and the vesting of shares subject
      to
      any outstanding option agreement then held by Mr. Bisht shall be accelerated
      in
      an amount equal to the number of shares which would have vested had Mr. Bisht
      remained employed by the Company for an additional 6 months. Furthermore, upon
      the occurrence of a Change of Control (as defined in the Bisht Agreement),
      all
      unvested shares subject to any outstanding option agreement then held by Mr.
      Bisht shall be immediately accelerated. A copy of the Bisht Agreement is
      attached hereto as Exhibit 10.2.
C.
On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Michael Meyer, its Chief Financial Officer (the "
Meyer
      Agreement
").
      The
      Meyer Agreement provides for the continued employment of Mr. Meyer as Nayna's
      Chief Financial Officer for a term beginning January 2, 2006 and ending January
      2, 2007. The Meyer Agreement automatically renews for consecutive additional
      one-year terms unless earlier terminated in accordance with its terms. Under
      the
      Meyer Agreement, Mr. Meyer is entitled to an annual base salary of $150,000,
      as
      may be adjusted from time to time by the Compensation Committee of the Board
      of
      Directors. Mr. Meyer is also eligible to participate in any management bonus
      plans established by the Board of Directors or any committee administering
      such
      plan from time to time. Upon the termination of Mr. Meyer's employment by the
      Company other than "for cause" (as defined in the Meyer Agreement), Mr. Meyer
      has the right to receive a severance payment in an amount equal to 6 times
      his
      monthly base salary and the vesting of shares subject to any outstanding option
      agreement then held by Mr. Meyer shall be accelerated in an amount equal to
      the
      number of shares which would have vested had Mr. Meyer remained employed by
      the
      Company for an additional 6 months. Furthermore, upon the occurrence of a Change
      of Control (as defined in the Meyer Agreement), all unvested shares subject
      to
      any outstanding option agreement then held by Mr. Meyer shall be immediately
      accelerated. A copy of the Meyer Agreement is attached hereto as Exhibit 10.3.
D.
On
      February 3, 2006, Nayna entered into an Executive Employment Agreement with
      Gautam Chanda, its Senior Vice President, Business Development and Operations
      (the "
Chanda
      Agreement
").
      The
      Chanda Agreement provides for the continued employment of Mr. Chanda as Nayna's
      Senior Vice President, Business Development and Operations for a term beginning
      January 2, 2006 and ending January 2, 2007. The Chanda Agreement automatically
      renews for consecutive additional one-year terms unless earlier terminated
      in
      accordance with its terms. Under the Chanda Agreement, Mr. Chanda is entitled
      to
      an annual base salary of $150,000, as may be adjusted from time to time by
      the
      Compensation Committee of the Board of Directors. Mr. Chanda is also eligible
      to
      participate in any management bonus plans established by the Board of Directors
      or any committee administering such plan from time to time. Upon the termination
      of Mr. Chanda's employment by the Company other than "for cause" (as defined in
      the Chanda Agreement), Mr. Chanda has the right to receive a severance payment
      in an amount equal to 6 times his monthly base salary and the vesting of shares
      subject to any outstanding option agreement then held by Mr. Chanda shall be
      accelerated in an amount equal to the number of shares which would have vested
      had Mr. Chanda remained employed by the Company for an additional 6 months.
      Furthermore, upon the occurrence of a Change of Control (as defined in the
      Chanda Agreement), all unvested shares subject to any outstanding option
      agreement then held by Mr. Chanda shall be immediately accelerated. A copy
      of
      the Chanda Agreement is attached hereto as Exhibit 10.4.
Item
      2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On
      January 20, 2006, pursuant to the terms of that certain Asset Purchase
      Agreement, dated December 1, 2005, as amended by the Amendment, by and among
      Nayna, Operating Sub,
Abundance,
      and Abundance India (the "
Purchase
      Agreement
"),
      Nayna
      purchased substantially all of the assets of Abundance, and Abundance
      transferred those purchased assets to Operating Sub (the "
Acquisition
").
      As
      consideration for the purchase of the assets, Nayna assumed certain liabilities
      of Abundance and issued 2,170,408 shares of its Common Stock to Abundance.
      In
      addition, up to 1,750,000 shares may be issued to Abundance, based on
      achievement of certain revenue and earnings milestones. Certain issuances of
      shares are subject to a true-up calculation, whereby, the total number of shares
      issued may be adjusted by multiplying the original number of shares issued
      by
      $2.00 and dividing by
the
      average of the closing prices of Nayna's Common Stock during the twenty
      consecutive trading days ending one day prior to the date of the
      adjustment
,
      as
      traded on the OTCBB (or other national exchange).
Abundance
      is a privately held company located in Shelton, Connecticut, that provides
      Ethernet over Sonet/SDH, enterprise-class network solutions and services. A
      copy
      of the press release announcing the closing of the transaction is attached
      hereto as Exhibit 99.1
Item
      3.02. UNREGISTERED SALES OF EQUITY SECURITIES.
In
      connection with the Acquisition, Nayna issued 2,170,408 shares of its Common
      Stock to Abundance. The issuance of Nayna's shares of Common Stock to Abundance
      was exempt from registration under the Securities Act of 1933, as amended,
      pursuant to Section 4(2) thereof.
Item
      9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c)
      Exhibits.
Exhibit
No.
Description
10.1
First
                Amendment to Asset Purchase Agreement, dated January 20, 2006, by
                and
                among Nayna Networks, Inc., Abundance Networks, Inc., Abundance Networks,
                LLC and Abundance Networks (India) Pvt. Ltd.
10.2
Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Naveen S. Bisht.
10.3
Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Michael Meyer.
10.4
Executive
                Employment Agreement, dated February 3, 2006, by and between Nayna
                Networks, Inc. and Gautam Chanda.
99.1
Press
                Release, dated January 23, 2006, announcing the purchase of substantially
                all of the assets of Abundance Networks, LLC.
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.
NAYNA
                NETWORKS, INC.
By:
/s/
              Michael Meyer
Michael
                Meyer
Chief
                Financial Officer
Date:
February
      7, 2006
EXHIBIT
      INDEX
Exhibit
No.
Description
10.1
First
                  Amendment to Asset Purchase Agreement, dated January 20, 2006,
                  by and
                  among Nayna Networks, Inc., Abundance Networks, Inc., Abundance
                  Networks,
                  LLC and Abundance Networks (India) Pvt. Ltd.
10.2
Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Naveen S. Bisht.
10.3
Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Michael Meyer.
10.4
Executive
                  Employment Agreement, dated February 3, 2006, by and between Nayna
                  Networks, Inc. and Gautam Chanda.
99.1
Press
                  Release, dated January 23, 2006, announcing the purchase of substantially
                  all of the assets of Abundance Networks, LLC.