UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Jay F Joliat
36801 Woodward Avenue
Suite 301
MI, Birmingham 48009
2. Issuer Name and Ticker or Trading Symbol
Caraco Pharmaceutical Laboratories, Ltd. (bulliten board)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/11/2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common stock t1 | | | | | | |2226368 |I |Trust 1 |
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Common stock t2 |12/11/|J | |8000 |A | |78200 |I |Trust 2 |
| 2002 | | | | | | | | |
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Common stock t3 | | | | | | |11300 |I |Trust 3 |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Option | | | | | | | | |Common stock| | |6000 |D | |
| | | | | | | | | t1 | | | | | |
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Option/Warrant | | | | | | | | |Common stock| | |225000 |I |Trust |
| | | | | | | | | t1 | | | | | |
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Option/Warrant | | | | | | | | |Common stock| | |250000 |I |Trust |
| | | | | | | | | t1 | | | | | |
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Option/Warrant | | | | | | | | |Common stock| | |65000 |I |Trust |
| | | | | | | | | t1 | | | | | |
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Option/Warrant1 | | | | | | | | |Common stock| | |486666 |I |Trust |
| | | | | | | | | t1 | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
1. Joliat Enterprises Trust
2. Jay F. Joliat Living Trust
3. Irrevocable Trust FBO Children of Jay F. Joliat