FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SUN PHARMACEUTICAL INDUSTRIES LTD 		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)
(Last)          (First)          (Middle)

17/B MAHAL INDUSTRIAL ESTATE, MAHAKALI CAVES ROAD 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/5/2010
(Street)

ADHERI (EAST) MUMBAI, K7 400 093
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   12/5/2010     C    544000   A   (1) 22086014   I   See Footnote   (2)
Common Stock                  8382666   D   (3)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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) 12/5/2010     C         544000    12/5/2010     (1) Common Stock   544000   $0   0   I   See Footnote   (2)

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 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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SUN PHARMACEUTICAL INDUSTRIES LTD
17/B MAHAL INDUSTRIAL ESTATE
MAHAKALI CAVES ROAD
ADHERI (EAST) MUMBAI, K7 400 093
X

SHANGHVI DILIP S
C/O SUN PHARMACEUTICAL INDUSTRIES LTD,
17/B INDUSTRIAL ESTATE,MAHAKALI CAVES RD
ANDHERI (EAST), MUMBIA, K7 400 093 		X

(Non-Executive) Chairman
SUN PHARMA GLOBAL INC
INTERNATIONAL TRUST BUILDING,
P. O. BOX 659, ROAD TOWN
TORTOLA, D8 00000
X


Signatures
/s/ Dilip S. Shanghvi, Chairman and Managing Director 12/7/2010
** Signature of Reporting Person Date

/s/ Harin Mehta, Director 12/7/2010
** Signature of Reporting Person Date

/s/ Dilip S. Shanghvi 12/7/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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