SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* SUN PHARMACEUTICAL INDUSTRIES LTD (Last) (First) (Middle) 17/B MAHAL INDUSTRIAL ESTATE MAHAKALI CAVES ROAD (Street) ANDHERI (EAST) MUMBAI K7 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CARACO PHARMACEUTICAL LABORATORIES LTD [ CPD ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 09/15/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2008		C		1,632,000	A	(1)	16,646,014	I	See footnote(2)
Common Stock								8,382,666	D(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B. Preferred Stock	$0(1)	09/15/2008		C			544,000	07/11/2008	(1)	Common Stock	544,000	$0	6,528,000	I	See footnote(2)
Series B. Preferred Stock	$0(1)	09/15/2008		C			544,000	07/14/2008	(1)	Common Stock	544,000	$0	5,984,000	I	See footnote(2)
Series B. Preferred Stock	$0(1)	09/15/2008		C			544,000	08/25/2008	(1)	Common Stock	544,000	$0	5,440,000	I	See footnote(2)

1. Name and Address of Reporting Person* SUN PHARMACEUTICAL INDUSTRIES LTD (Last) (First) (Middle) 17/B MAHAL INDUSTRIAL ESTATE MAHAKALI CAVES ROAD (Street) ANDHERI (EAST) MUMBAI K7 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SUN PHARMA GLOBAL INC (Last) (First) (Middle) INTERNATIONAL TRUST BUILDING, P. O. BOX 659, ROAD TOWN (Street) TORTOLA D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SHANGHVI DILIP S (Last) (First) (Middle) 17/B MAHAL INDUSTRIAL ESTATE MAHAKALI CAVES ROAD (Street) ANDHERI (EAST), MUMBIA K7 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) (Non-Executive) Chairman

Explanation of Responses:

1. The Series B preferred shares converted into Common Stock on a one-to-one basis and had no expiration date.

2. These shares are owned directly by Sun Pharma Global, Inc., which is a wholly-owned subsidiary of Sun Pharmaceutical Industries Limited ("Sun"). Dilip S. Shanghvi is the controlling shareholder of Sun. Sun and Mr. Shanghvi disclaim beneficial ownership of the reported shares except to the extent of their respective pecuniary interests therein.

3. These shares are owned directly by Sun. Dilip S. Shanghvi is the controlling shareholder of Sun. Mr. Shanghvi disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.

	/s/ Dilip S. Shanghvi, Sun Pharmaceutical Industries Limited, Dilip S. Shanghvi, Chaiman and Managing Director	09/16/2008
	/s/ Harin Mehta, Sun Pharma Global, Inc., Harin Mehta, Managing Director	09/16/2008
	/s/ Dilip S. Shanghvi	09/16/2008
	** Signature of Reporting Person	Date
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