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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
October 8, 1997
CARACO PHARMACEUTICAL LABORATORIES, LTD.
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EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER
Michigan 0-24676 38-25-5723
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(STATE OR OTHER JURISDICTION COMMISSION FILE NO. IRS EMPLOYER ID NO.
OF INCORPORATION)
1150 Elijah McCoy Drive, Detroit, MI 48202
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NO.: (313) 871-8400
The Exhibit Index is located on page 3.
The total number of pages is 4.
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ITEM 5. OTHER EVENTS.
On October 8, 1997 Caraco Pharmaceutical Laboratories Ltd. announced
change in membership on the Board of Directors. Additional details are set
forth on the attached public announcement (EXHIBIT A).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CARACO PHARMACEUTICAL LABORATORIES, LTD.
/s/ Allan J. Hammer
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Allan J. Hammer
Chief Financial Officer
(A duly authorized signatory
of the Company)
DATED: October 8, 1997
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EXHIBIT INDEX
Exhibit Table
Number Exhibit Page
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99 EXHIBIT A - Company's Press Release 4
dated October 8, 1997
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[CARACO PHARMACEUTICAL LABORATORIES, LTD. LETTERHEAD]
EXHIBIT A
FOR IMMEDIATE RELEASE
CONTACT: WILLIAM R. HURD
(313) 871-8400
CARACO ANNOUNCES BOARD MEMBERSHIP CHANGES
Detroit, October 8, 1997 Caraco Pharmaceutical Laboratories, Ltd., ("Caraco")
today announced that at a Board of Directors meeting held yesterday, four new
board members were elected. A new Chairman of the Board was appointed and one
board member resigned, bringing the total board membership to nine.
The four new members are Mr. Shantilal Shanghvi, Chairman of Sun Pharmaceutical
Industries Ltd. ("Sun"), Mr. Sudhir Valia, Director of Corporate Affairs for
Sun, Mr. Narendra Borkar, Chief Executive Officer of Caraco, and Mr. Dilip
Shanghvi, Managing Director and principal owner of Sun, who was additionally
voted to the position, Chairman of the Board at Caraco. This position has been
vacant since February 16, 1996.
Additionally, Mr. William Hurd, Caraco President and Chief Operating Officer,
resigned his position on the Board.
Mr. Borkar, CEO of Caraco stated, "Now that the Sun/Caraco agreements have been
finalized and implemented, we look forward to focusing our efforts on a
turnaround of the Company's fortunes and achieving substantial growth. We
intend to achieve these by fast product rollouts and innovative marketing. The
Sun/Caraco alliance will ignite these efforts as substantial investments have
been made in Sun-India as well as Caraco-US for new product development. The
new members of the Board add valuable experience and expertise. We are sure
they will help direct the Company to a proud and prosperous future".
Sun is a vertically integrated Indian Pharmaceutical Company that went public
October 1994 with a current market capitalization of USD 120 million and in
profitability ranks among the top thirty companies in India. Its product base
includes products in Neurology, Psychiatry, Cardiology, Gastroenterology,
Oncology, and Anti-Infectives.
Caraco Pharmaceutical Laboratories, Ltd., is engaged in the development,
manufacturing and marketing of generic drugs for the ethical and
over-the-counter markets.
