-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PGDxKrQx+pqVgCtpV+OnRJNXgaO/1K87Jf75Dwa3OO7U3dKXNLcEXGPWeVnQtiwM 46J5g+2NeTbLnwpS7Q7aIg== 0000950124-01-000821.txt : 20010223 0000950124-01-000821.hdr.sgml : 20010223 ACCESSION NUMBER: 0000950124-01-000821 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010214 GROUP MEMBERS: DAVID A. HAGELSTEIN GROUP MEMBERS: DAVID A. HAGELSTEIN TRUST GROUP MEMBERS: DILIP S. SHANGHVI GROUP MEMBERS: JAY F. JOLIAT GROUP MEMBERS: JAY F. JOLIAT QUALIFIED MARITAL TRUST GROUP MEMBERS: JOLIAT ENTERPRISES, LLC GROUP MEMBERS: JOLIAT JAY F GROUP MEMBERS: SUN PHARMA GLOBAL, INC. GROUP MEMBERS: SUN PHARMACEUTICAL INDUSTRIES LIMITED SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CARACO PHARMACEUTICAL LABORATORIES LTD CENTRAL INDEX KEY: 0000887708 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 382505723 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-51501 FILM NUMBER: 1542527 BUSINESS ADDRESS: STREET 1: 1150 ELIJAH MCCOY DR CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3138718400 MAIL ADDRESS: STREET 1: 1150 ELIJAH MCCOY DRIVE CITY: DETROIT STATE: MI ZIP: 48202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JOLIAT JAY F CENTRAL INDEX KEY: 0001000395 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1411 N WOODWARD AVE STREET 2: SUITE 300 CITY: BIRMINGHAM STATE: MI ZIP: 48009 BUSINESS PHONE: 8106450800 MAIL ADDRESS: STREET 1: 1411 N WOODARD AVENUE SUITE 300 CITY: BIRMINGHAM STATE: MI ZIP: 48009 SC 13D/A 1 k60130sc13da.txt SCHEDULE 13D AMENDMENT #1 1 SCHEDULE 13D (RULE 13d-101) Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and Amendments Thereto Filed Pursuant to Rule 13d-2(a) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* CARACO PHARMACEUTICAL LABORATORIES, LTD. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, without par value - -------------------------------------------------------------------------------- (Title of Class of Securities) 14075T 10 7 - -------------------------------------------------------------------------------- (CUSIP Number) Jay F. Joliat 36801 Woodward Ave., Suite 300 Birmingham, Michigan 48009-0974 With a copy to: Fred B. Green Bodman, Longley & Dahling LLP 34th Floor, 100 Renaissance Center Detroit, Michigan 48243 313-259-7777 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 1, 2000 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule SS.13d-1(e), 13d-1(f) or 13d-1(g), check the following box / /. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 CUSIP NO. 14075T 10 7 13D PAGE 2 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jay F. Joliat - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 1,382,580 (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 2,143,454 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 1,382,580 (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 2,143,454 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,526,034 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.5% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN - -------------------------------------------------------------------------------- 3 CUSIP NO. 14075T 10 7 13D PAGE 3 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Joliat Enterprises, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Michigan - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 2,143,454 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING -0- (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 2,143,454 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,143,454 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) 00 (limited liability company) - -------------------------------------------------------------------------------- 4 CUSIP NO. 14075T 10 7 13D PAGE 4 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jay F. Joliat Qualified Terminable Interest Marital Trust u/a/d 4-8-82 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Michigan - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY -0- (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING -0- (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH -0- (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) 00 (Trust) - -------------------------------------------------------------------------------- 5 CUSIP NO. 14075T 10 7 13D PAGE 5 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) David A. Hagelstein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 580,158 (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 1,666,091 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 580,158 (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,666,091 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,246,249 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN - -------------------------------------------------------------------------------- 6 CUSIP NO. 14075T 10 7 13D PAGE 6 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) David A. Hagelstein - Trust u/a/d 10-27-93 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) PF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Michigan - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 1,666,091 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING -0- (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,666,091 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,091 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN - -------------------------------------------------------------------------------- 7 CUSIP NO. 14075T 10 7 13D PAGE 7 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Dilip S. Shanghvi - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 (See Item 3) - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION India - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 10,105,323 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING -0- (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 10,105,323 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,105,323 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [X] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 47.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN - -------------------------------------------------------------------------------- 8 CUSIP NO. 14075T 10 7 13D PAGE 8 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Sun Pharmaceutical Industries Limited - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 (See Item 3) - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION India - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 7,657,333 (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 2,447,990 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 7,657,333 (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 2,447,990 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,105,323 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 47.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) CO - -------------------------------------------------------------------------------- 9 CUSIP NO. 14075T 10 7 13D PAGE 9 OF 22 PAGES - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Sun Pharma Global, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 (See Item 3) - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION India - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF -0- (See Item 5) SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 1,722,657 (See Item 5) OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING -0- (See Item 5) PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 1,722,657 (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,722,657 (See Item 5) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) CO - -------------------------------------------------------------------------------- 10 PAGE 10 OF 22 PAGES ITEM 1. SECURITY AND ISSUER. This statement relates to the Common Stock, without par value (the "Shares"), of Caraco Pharmaceutical Laboratories, Ltd., a Michigan corporation (the "Company"). The principal executive offices of the Company are located at 1150 Elijah McCoy Drive, Detroit, Michigan 48202. ITEM 2. IDENTITY AND BACKGROUND. (a) This statement is being filed jointly by each of the following persons pursuant to Rule 13d-(1)(f) promulgated by the Securities and Exchange Commission (the "SEC"), under Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (i) Jay F. Joliat Qualified Terminable Interest Marital Trust u/a/d 4-8-82 (the "Joliat Trust"), (ii) Jay F. Joliat, individually, as trustee of the Joliat Trust and as managing partner of the Joliat LLC (as defined below) ("Joliat"), (iii) Joliat Enterprises, LLC ("Joliat LLC"),(iv) David A. Hagelstein Trust u/a/d 10-27-93 (the "Hagelstein Trust"), (iv) David A. Hagelstein, individually and as trustee of the Hagelstein Trust ("Hagelstein"), (v)Sun Pharmaceutical Industries Limited, a corporation organized under the laws of India ("Sun"), (vi) Sun Pharma Global, Inc. BVI, a corporation organized under the laws of the British Virgin Islands and wholly-owned subsidiary of Sun ("Sun Global"), and (vii) Dilip Shanghvi, Chairman of the Board of Company and managing director and majority shareholder of Sun ("D. Shanghvi"). Joliat Trust, Joliat, Joliat LLC, Hagelstein Trust, Hagelstein, Sun, Sun Global, and D. Shanghvi are sometimes referred to herein in individually as a "Reporting Person" and collectively as the "Reporting Persons." Information with respect to the Reporting Persons is given solely by such Reporting Person, and no Reporting Person assumes responsibility for the accuracy or completeness of the information by another Reporting Person. By their signature on this statement, each of the Reporting Persons agrees that this statement is filed on behalf of such Reporting Person. As set forth in Item 6, the Reporting Persons are subject to a Voting Agreement and accordingly, may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Act. The Reporting Persons disclaim that they have agreed to act as a group other than as described in this statement. JOLIAT TRUST, JOLIAT LLC AND JOLIAT (b)-(c) The business address of Joliat Trust, Joliat LLC and Joliat is 36801 Woodward Avenue, Suite 300, Birmingham, Michigan 48009. Joliat's present principal occupation or employment is President, Chief Executive Officer and Chairman of the Board of directors of Joliat & Company, a private investment company involved in general securities management, venture capital, real estate and 11 PAGE 11 OF 22 PAGES business consulting. Mr. Joliat is also Chairman of the Board, Chief Executive Officer and Treasurer of a 14-unit restaurant operation called Sign of the Beefcarver Restaurants, Inc. HAGELSTEIN TRUST AND HAGELSTEIN (b)-(c) Mr. Hagelstein's and Hagelstein Trust's business address is 1411 North Woodward Avenue, Suite 313, Birmingham, Michigan 48009. Hagelstein's present occupation or employment is as a private investor. SUN AND D. SHANGHVI (b)-(c) Sun is a corporation organized under the laws of India. Sun is a specialty pharmaceutical company. Sun's business address is Synergy House Subhanpura Gorwa Road, Baroda, 390-007 India. Information with respect to D. Shanghvi is presented below. Pursuant to Instruction C to Schedule 13D under the Act, the directors and executive officers of Sun and their respective business addresses and present principal occupations are set forth below:
Name Address Occupation - ------------------------------------------------------------------------------------------------------- D. Shanghvi Synergy House Chairman and Managing Subhanpura Director of Sun, Gorwa Road, Baroda Chairman of the Board 390-007 India of the Company and Director of Sun Global - ------------------------------------------------------------------------------------------------------- Sudhir V. Valia Synergy House Wholetime Director of Subhanpura Sun, Director of Sun Gorwa Road, Baroda Global and Director 390-007 India of the Company - ------------------------------------------------------------------------------------------------------- S. Mohanch and Dadha Synergy House Wholetime Director of Subhanpura Sun Gorwa Road, Baroda 390-007 India - ------------------------------------------------------------------------------------------------------- Sailesh T. Desai Synergy House Wholetime Director of Subhanpura Sun Gorwa Road, Baroda 390-007 India - ------------------------------------------------------------------------------------------------------- Narendra N. Borkar 1150 Elijah McCoy Director of Sun and Drive Chief Executive Detroit, MI 48202 Officer of the Company - ------------------------------------------------------------------------------------------------------- R. K. Baheti Synergy House Vice President - Subhanpura Finance and Company Gorwa Road, Baroda Secretary of Sun 390-007 India - -------------------------------------------------------------------------------------------------------
12 PAGE 12 OF 22 PAGES SUN GLOBAL (b)-(c) Sun Global is a corporation organized under the laws of the British Virgin Islands. Sun Global is a trading company and is a wholly-owned subsidiary of Sun. Sun Global's business address is P.O. Box 3136, Road Town, Tortola, British Virgin Islands. Pursuant to Instruction C to Schedule 13D under the Act, the directors and executive officers of Sun Global and their respective business addresses and present principal occupations are set forth below:
Name Address Occupation - ------------------------------------------------------------------------------------------------------- D. Shanghvi Synergy House Director of Sun Subhanpura Global, Chairman and Gorwa Road, Baroda Managing Director of 390-007 India Sun and Chairman of the Board of the Company. - ------------------------------------------------------------------------------------------------------- Sudhir V. Valia Synergy House Director of Sun Subhanpura Global, and Wholetime Gorwa Road, Baroda Director of Sun and 390-007 India Director of the Company - ------------------------------------------------------------------------------------------------------- Sunil Gandhi SuGandh Management Director of Sun Consultancy Global, Financial P.O. Box 12850 Consultant Dubai, UAE - -------------------------------------------------------------------------------------------------------
(d) None of the entities or persons identified in this Item 2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of the entities or persons identified in this Item 2 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Joliat Trust is a Michigan trust, Joliat LLC is a Michigan limited liability company and Joliat is a citizen of the United States. Hagelstein Trust is a Michigan trust and Hagelstein is a citizen of the United States. Sun is a corporation organized under the laws of India and each of its executive officers and directors named in this Item 2 are citizens of India. D. Shanghvi is a citizen of India. Sun Global is a corporation organized under the laws of the British Virgin Islands and each of its executive officers and directors named in this Item 2 are citizens of India. 13 PAGE 13 OF 22 PAGES ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION SUN AND SUN GLOBAL As previously disclosed, the Company and Sun entered into an agreement in August 1997 pursuant to which, during a 5 year period, Sun is required to sell to the Company up to 25 generic pharmaceutical products consisting of ANDAs (abbreviated new drug applications) or DESIs (drug efficiency study implementations (which only count as 1/3 of a product)), in exchange for 544,000 Shares for each product (181,333 Shares for each DESI product). Sun may direct the issuance of the Shares to its affiliates. Pursuant to the Agreement, the following Shares were issued to the persons named below as of the following dates:
DATE AMOUNT NAME ---- ------ ---- 4-14-99 544,000 Sun Global 4-14-99 725,333 Sun Pharmaceutical Advanced Research Centre (affiliate of Sun) ("Sun Advanced") 9-28-99 1,269,333 Sun 1,088,000 Sun Global 12-01-00 1,088,000 Sun
On November 10, 1997, in lieu of cash interest payments on Sun Global loans to the Company, Sun Global was issued 90,657 Shares at the rate of $1.50 per Share. JOLIAT, JOLIAT AND JOLIAT LLC On November 10, 1997, in lieu of cash interest payments on Joliat Trust loans to the Company, Joliat Trust was issued 159,543 Shares at the rate of $1.50 per Share. In August 1998, in consideration of the fulfilment of Sun's purchase of 5,300,000 Shares pursuant to Sun's agreement with the Company in August 1997, Joliat Trust surrendered 100,000 Shares to the Company. On January 20, 1999, the Board of Directors granted Joliat a non- qualified option for 100,000 shares at an exercise price of $1.50 per Share. The options are exercisable until January 20, 2005. In February and March 1999, Joliat Trust, using Trust funds, purchased an aggregate of 400,000 Shares pursuant to a private placement at prices ranging between $0.88 and $1.00 per Share. 14 PAGE 14 OF 22 PAGES On June 2, 1999, the Board of Directors granted Joliat a non-qualified stock option for 150,000 Shares at an exercise price of $0.88 per Share. The options are exercisable until January 20, 2005. On April 1, 2000, the Company issued Joliat Trust 900,000 Shares and Joliat 60,000 Shares in lieu of principal and interest on prior 1996 and 1997 Joliat Trust loans to the Company aggregating $900,000, based on a value of $1.00 per Share. On April 1, 2000, July 2000 and December 21, 2000, Joliat Trust transferred 900,000, 1,040,654 and 200,000 Shares, respectively, to Joliat LLC. HAGELSTEIN AND HAGELSTEIN TRUST On November 10, 1997, in lieu of cash interest payments on Hagelstein Trust loans to the Company, the Hagelstein Trust was issued 68,007 Shares at the rate of $1.50 per Share. In August 1998, in consideration of the fulfillment of Sun's purchase of 5,300,000 Shares pursuant to Sun's agreement with the Company in August 1997, Hagelstein Trust surrendered 250,000 Shares to the Company. On January 20, 1999, the Board of Directors granted Hagelstein a non-qualified stock option for 250,000 Shares at an exercise price of $1.50 per Share and a non-qualified stock option for 100,000 Shares at an exercise price of $0.88 per Share. Both options are exercisable until January 20, 2005. In February and March 1999, Hagelstein Trust, using Trust funds, purchased an aggregate of 79,090 Shares pursuant to a private placement at prices ranging from $0.88 and $1.00 per share. On April 1, 2000, the Company issued Hagelstein Trust 416,000 Shares in lieu of principal and interest on prior 1996 and 1997 Hagelstein Trust loans to the Company aggregating $390,000, based on a value of $1.00 per Share. ITEM 4. PURPOSE OF TRANSACTION. Joliat Trust, Joliat LLC, Joliat, Hagelstein Trust and Hagelstein have acquired their Shares for investment purposes. Sun and Sun Global have acquired their Shares in order to gain entry into the United States generic pharmaceutical marketplace. As disclosed in Item 6, Joliat Trust, Hagelstein Trust and Sun have entered into a Voting Agreement which terminates on August 2, 2001 (except for certain specific provisions which are set forth in Item 6) pursuant to which, among other things, Sun may designate a majority of the directors of the Board of Directors of the Company and Joliat Trust and Hagelstein Trust may each designate one director. In addition, as 15 PAGE 15 OF 22 PAGES disclosed in Item 6, Joliat Trust and Hagelstein Trust have agreed to vote in accordance with Sun's directors with respect to certain shareholder matters. The Voting Agreement also provides that the Executive Committee shall consist of three directors, two selected by Sun and one selected by Joliat Trust and Hagelstein Trust. In connection with the foregoing, the Board of Directors has appointed a Chief Executive Officer proposed by Sun and Sun has designated a majority of the members of the Board of Directors and selected a Chairman of the Board, D. Shanghvi, therefrom. In connection with Sun's acquisition of Shares, the Bylaws of the Company were amended and restated to accommodate the foregoing. In addition, the Bylaws were amended and restated to require a two-thirds (2/3rds) vote of the entire Board of Directors to approve: (i) the sale or disposition of all or substantially all of the assets of the Company; (ii) the liquidation, winding up or dissolution of the Company; (iii) the issuance of or receipt of subscription for any capital stock of the Company to Sun and/or its affiliates; and (iv) the amendment of the Company's Articles and Bylaws. Joliat Trust and Hagelstein Trust have also agreed not to dispose of their Shares for a period of four years without the consent of Sun, and thereafter for a period of three years to give Sun a right of first refusal or the sale of their Shares. The restriction on disposition of their Shares for the four year period terminates in the event of (i) any sale of Shares by Sun to anyone other than an affiliate; (ii) approval by the Board of the Company of a merger, consolidation, or sale of substantially all of the assets of the Company to another entity; or (iii) a tender offer for the Shares. At this time, except as disclosed above, the Reporting Persons have no plans or proposals which relate to or would result in: (1) an extraordinary corporate transaction, such as a merger, reorganization or liquidation involving the Company; (2) a sale or transfer of a material amount of assets of the Company; (3) any material change in the present capitalization or dividend policy of the Company; (4) any other material change in the Company's business or corporate structure; (5) changes in the Company's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (6) the Shares becoming eligible for termination pursuant to Section 12(g)(4) of the Act; or (7) any action similar to those enumerated above. 16 PAGE 16 OF 22 PAGES ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER The following information is provided in response to Item 5 of Schedule 13D and is based on a total of 21,373,818 Shares outstanding (based on information from the Company as to the number of Shares outstanding as of February 6, 2001). SUN, SUN GLOBAL AND D. SHANGHVI (a)-(b) See cover page. D Shanghvi disclaims beneficial ownership of the Shares beneficially owned by Sun, Sun Global and Sun Advanced. (c) No transaction in securities of the Company was effected by Sun, Sun Global or D. Shangvi during the past 60 days. (d) Except with respect to Sun's rights as parent of Sun Global and Sun Advanced, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Shares. (e) Not applicable. JOLIAT, JOLIAT TRUST, JOLIAT LLC (a)-(b) See cover page and Items 4 and 6 below with respect to the agreement by Joliat and Joliat Trust to vote on certain matters in accordance with Sun's directions. The Shares beneficially owned by Joliat include: (i) 285,714 shares of Series A Preferred Stock convertible on a one-for-one basis into Shares; (ii) warrants to purchase 65,000 Shares which are exercisable through December 31, 2004 at an exercise price of $3.50 per Share; (iii) warrants to purchase 486,666 Shares exercisable through March 31, 2006 at an exercise price of $2.62 per Share; (iv) an option granted to Joliat to purchase 225,000 Shares which are exercisable through October 18, 2006 at an exercise price of $1.31 per Share; (v) options received in his capacity as a Director of the Company for 6,000 Shares at an exercise price of $5.00 per Share; (vi) an option for 100,000 Shares at an exercise price of $1.50 per Share, exercisable until January 20, 2005; and (vii) an option for 150,000 Shares at an exercise price of $0.88 per Share exercisable until January 20, 2005. (c) Except with respect to the transfer on December 21, 2000 of 200,000 Shares from the Joliat Trust to Joliat LLC for no consideration, no transaction in securities of the Company was effected by Joliat, Joliat Trust or Joliat LLC during the past 60 days. (d) Except with respect to Joliat's rights as trustee of and beneficiarys' rights under, Joliat Trust, and Joliat's rights as managing partner of, and other members' rights under, Joliat LLC, no 17 PAGE 17 OF 22 PAGES other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Shares of Common Stock. (e) As a result of transfers from Joliat Trust to Joliat LLC, Joliat Trust ceased to be beneficial owner of more than 5.0% of the Company's Shares. HAGELSTEIN AND HAGELSTEIN TRUST (a)-(b) See cover page and Items 4 and 6 below with respect to the agreement by Hagelstein and Hagelstein Trust to vote on certain matters in accordance with Sun's directions. The Shares beneficially owned by Hagelstein include: (i) an option for 224,158 Shares at an exercise price of $1.50 per Share exercisable until February 20, 2002; (ii) options received in his capacity as a Director of the Company for 6,000 Shares at an exercise price of $5.00 per Share; (iii) an option for 250,000 Shares at an exercise price of $1.50 per Share exercisable until January 20, 2005; and (iv) an option for 100,000 Shares at an exercise price of $0.88 per Share exercisable until January 20, 2005. (c) No transaction in securities of the Company was effected by Hagelstein or Hagelstein Trust during the past 60 days. (d) Except with respect to Hagelstein's rights as trustee of, and the beneficiary's rights under, Hagelstein Trust, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Shares of Common Stock. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. As disclosed in this Schedule 13D, Sun, Joliat Trust and Hagelstein Trust have entered into a Voting Agreement dated August 2, 1997, which terminates on August 2, 2001, except as otherwise set forth below. By its terms, the Voting Agreement would appear to also bind Sun Global, Sun Advanced and Joliat LLC. The general terms of the Voting Agreement have been disclosed above, which disclosure is incorporated herein, with respect to Sun's right to select a majority of the Company's directors, Sun's right to appoint a majority of the directors to the Executive Committee, and Joliat Trust's and Hagelstein Trust's agreement not to sell their Shares for a period of four years without Sun's consent. Joliat Trust and Hagelstein Trust have also agreed that they will vote in accordance with Sun's directors with respect to any matter relating to the investment, merger, alliance, share dilution, appointment of key employees, major restructuring or reorganizing, bank borrowing, funding or giving credit. In addition, Joliat Trust and Hagelstein Trust provide Sun with a right of first refusal on the sale of Joliat Trust's and 18 PAGE 18 OF 22 PAGES Hagelstein Trust's Shares for a three year period after expiration of the first four years of the Agreement. Also, the Voting Agreement provides that for a period of seven years from the date of the Voting Agreement, neither Hagelstein Trust nor Joliat Trust shall sell their Shares to any competitor or distributor or business associate of the Company without Sun's consent. In the event that Sun sells more than 30% of the outstanding Shares of the Company within four years from the date of the Voting Agreement, subject to certain conditions, the Board of Directors shall be reconstituted in accordance with the Share ownership of Sun, Joliat Trust and Hagelstein Trust. In addition, the Executive Committee shall be reconstituted so that it consists of one director designated by Sun and two directors designated by Joliat Trust and Hagelstein Trust. In the event that Sun owns less than 10% of the outstanding Shares of the Company, the Voting Agreement shall terminate. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS The following exhibits are filed with this statement. Exhibit 1: Joint Statement Agreement Exhibit 2: Voting Agreement dated August 2, 1997 is hereby incorporated by reference from Exhibit 2 to Original Schedule 13D filed on September 3, 1997. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2001 /s/ Jay F. Joliat ------------------------------------------- Jay F. Joliat Jay F. Joliat Qualified Terminable Interest Marital Trust u/a/d 4-8-82 By: /s/ Jay F. Joliat ---------------------------------------- Jay F. Joliat, Trustee Joliat Enterprises, LLC By: /s/ Jay F. Joliat ---------------------------------------- Jay F. Joliat, Managing Partner 19 PAGE 19 OF 22 PAGES /s/ David A. Hagelstein ------------------------------------------- David A. Hagelstein David A. Hagelstein Trust u/a/d 10-27-93 By: /s/ David A. Hagelstein ---------------------------------------- David A. Hagelstein, Trustee /s/ Dilip S. Shanghvi ------------------------------------------- Dilip S. Shanghvi Sun Pharmaceutical Industries Limited By: /s/ Dilip S. Shanghvi ---------------------------------------- Dilip S. Shanghvi Managing Director SUN PHARMA GLOBAL, INC. By: /s/ Dilip S. Shanghvi ---------------------------------------- Dilip S. Shanghvi Managing Director 20 PAGE 20 OF 22 PAGES EXHIBIT INDEX Exhibit Description - ------- ----------- 1 Joint Statement Agreement 2 Voting Agreement dated August 2, 1997 is hereby incorporated by reference from Exhibit 2 to Original Schedule 13D filed on September 3, 1997. 21 PAGE 21 OF 22 PAGES EXHIBIT 1 SCHEDULE 13D JOINT FILING AGREEMENT The undersigned and each other person executing this joint filing agreement (this "Agreement") agree as follows: (i) The undersigned and each other person executing this Agreement are individually eligible to use the Schedule 13D to which this Exhibit is attached and such Schedule 13D is filed on behalf of the undersigned and each other person executing this Agreement; and (ii) The undersigned and each other person executing this Agreement are responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained herein; but none of the undersigned or any other person executing this Agreement is responsible for the completeness or accuracy of the information statement concerning any other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement may be executed, in any number of counterparts, each of which shall be deemed to be an original, but all of which, taken together, shall constitute one and the same instrument. DATED: February 13, 2001 /s/ Jay F. Joliat ------------------------------------------- Jay F. Joliat Jay F. Joliat Qualified Terminable Interest Marital Trust u/a/d 4-8-82 By: /s/ Jay F. Joliat ---------------------------------------- Jay F. Joliat, Trustee Joliat Enterprises, LLC By: /s/ Jay F. Joliat ---------------------------------------- Jay F. Joliat, Managing Partner 22 PAGE 22 OF 22 PAGES /s/ David A. Hagelstein ------------------------------------------ David A. Hagelstein David A. Hagelstein Trust u/a/d 10-27-93 By: /s/ David A. Hagelstein --------------------------------------- David A. Hagelstein, Trustee /s/ Dilip S. Shanghvi ------------------------------------------ Dilip S. Shanghvi Sun Pharmaceutical Industries Limited By: /s/ Dilip S. Shanghvi --------------------------------------- Dilip S. Shanghvi Managing Director SUN PHARMA GLOBAL, INC. By: /s/ Dilip S. Shanghvi --------------------------------------- Dilip S. Shanghvi Managing Director -----END PRIVACY-ENHANCED MESSAGE-----