Not according to the Query on the Netherlands Embassy website.
Here are the results, you can do it yourself as well.
http://www.netherlands-embassy.org/visainquiry.asp
Visa Inquiry Result
March 11, 2003
Inquiry date: March 2, 2004
Citizen of: India
Status in US: unlisted status
Resident of: Georgia
Travel document: passport issued by authorities of India
Duration of stay: less than 12 hours
Purpose of stay: airport transit
First country: Netherlands
Second country: Other
Main destination: other
Based on the above mentioned information the following has been concluded:
an airport transit visa is not required.
Please note that each traveller needs to hold a valid passport and a return/onward airline ticket. In addition to that, visitors to the Netherlands need to present proof of sufficient funds and medical insurance upon arrival. Travellers should not present a danger to public order or national security.