Ownership Submission
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

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
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)
SPARC, TANDALJA, 		 3. Date of Earliest Transaction (Month/Day/Year)
03/15/2006
(Street)

VADODARA, GUJARAT,, K7 390 020		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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) 03/15/2006   J(2)   544,000   03/15/2009(1)   (3) Common Stock 544,000 (2) 10,880,000 I see footnote (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SUN PHARMACEUTICAL INDUSTRIES LTD
SPARC, TANDALJA
VADODARA, GUJARAT,, K7 390 020		     X    
SUN PHARMA GLOBAL INC
AKARA BUILDING, 24 DE CASTRO STREET
WILKHAMS CLAY 1 ROAD
TOWN TARTOLA, D8 		     X    
SHANGHVI DILIP S
C/O SUN PHARMACEUTICAL INDUSTRIES LTD
MAHAL INDUSTRIES ESTATE, MAHAKALI CAVES
ANDHARI (EAST), MUMBIA, IN 400 093		   X   X   Chairman of the Board  

Signatures

 /s/ Dilip S. Shanghvi, Chairman and Managing Director, Sun Pharmaceutical Industries Limited   03/15/2006
**Signature of Reporting Person Date
 /s/ Dilip S. Shanghvi, Director, Sun Pharma Global, Inc.   03/15/2006
**Signature of Reporting Person Date
 /s/ Dilip S. Shanghvi   03/15/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The Series B preferred shares are convertible into common stock after three years (or immediately upon a change in control) on a one-to-one basis.
(2) Sun Global earned 544,000 shares of Series B Preferred Stock for a technology transfer to Caraco of a generic drug by Sun Global when such drug passed its bioequivalency studies on March 15, 2006. In the event of the dissolution of Caraco, such shares have a preference equal to the value attributed to them as of March 15, 2006 of $8.99 per share.
(3) The shares of Series B Preferred Stock remain outstanding until such time as they are converted into Common Stock
(4) 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.

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