-----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, JbAKJKCwClSXFrvVJPT+5+pr2wJ7e3SqdGGZTnzh+x/38ICIsX8Mlyr1gpTTc19x 5uYhRa3qJWXjKsMdHW1X+Q== 0001169232-07-000386.txt : 20070130 0001169232-07-000386.hdr.sgml : 20070130 20070130145354 ACCESSION NUMBER: 0001169232-07-000386 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070129 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070130 DATE AS OF CHANGE: 20070130 FILER: 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: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31773 FILM NUMBER: 07564256 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 8-K 1 d70609_8k.htm CURRENT REPORT

UNITED STATES

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

January 29, 2007

(Date of report)

CARACO PHARMACEUTICAL LABORATORIES, LTD.

(Exact name of registrant as specified in its charter)

Michigan
(State or other jurisdiction
of incorporation)

0-24676
(Commission file number)

38-2505723
(I.R.S. employer
identification no.)

 

 

1150 Elijah McCoy Drive, Detroit, Michigan 48202

(Address of principal executive offices)

(313) 871-8400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

|_|

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

|_|

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 140.14a-12)

 

 

|_|

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

 

 

|_|

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

 

 

 

 

 

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

(b) On January 29, 2007, registrant accepted the resignation of Jitendra Doshi, Chief Financial Officer, Chief Operating Officer, Principal Accounting Officer, Principal Financial Officer and Secretary, as set forth in the press release included as Exhibit 99.1 hereto, which is incorporated herein by reference.

(c) On January 29, 2007, registrant appointed Mukul Rathi to the positions of interim Chief Financial Officer, interim Principal Accounting Officer and interim Principal Financial Officer. Mr. Rathi joined the Company in December 2005 as its Controller. His prior experience includes Sr. Executive-Accounts and Manager-Accounts with Sun Pharmaceutical Industries, Ltd. in India, the Company’s majority shareholder from May, 1999 to May 2003. He also served as Officer-Accounts for Century Enka, Ltd. from August 1997 to May 1999. Mr. Rathi graduated from the University of Calcutta in India and subsequently qualified to be a member of the Institute of Chartered Accountants of India. Mr. Rathi is 34 years old.

 

Item 9.01. Financial Statements and Exhibits

c)

Exhibits.

 

 

Exhibit No.

 

Description

 

 

99.1

 

Press Release of Caraco Pharmaceutical Laboratories, Ltd. dated January 29, 2007 announcing the resignation of the Chief Financial Officer and appointment of an interim Chief Financial Officer.

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARACO PHARMACEUTICAL LABORATORIES, LTD.



           Date: January 29, 2007

 



By: /s/ Daniel H. Movens
       ——————————————
       Daniel H. Movens
       Chief Executive Officer

 

 

 

 

 

Exhibit Index

 

 

 

 

 EX-99.1 2 d70609_e99-1.htm PRESS RELEASE

 

Exhibit 99.1

 

Contacts:

 

Caraco Pharmaceutical - Daniel Movens or Mukul Rathi - P: (313) 871-8400

Caraco Pharmaceutical - Aaron Miles - P: (313) 556-4150

 

Caraco Announces Jitendra N. Doshi to Oversee Sun Pharmaceutical Industries Ltd. New Jersey and Ohio Operations; Mukul Rathi to Serve as Interim CFO, Effective January 29, 2007

 

 

FOR IMMEDIATE RELEASE

 

 

DETROIT, Michigan, January 29, 2007 -- Caraco Pharmaceutical Laboratories, Ltd. (Amex: CPD) announced that Jitendra N. Doshi, will leave his positions as COO and CFO of Caraco, effective January 29, 2007 to devote his full-time efforts to managing and overseeing Sun Pharmaceutical’s development projects and overall operations at its New Jersey and Ohio facilities. Mr. Doshi has held the positions of CFO and COO at Caraco since November 2002 and August 2002, respectively. He also served as interim CEO from September 2003 to May 2005. Mr. Doshi will continue to be a member of Caraco’s Board of Directors.

 

Mukul Rathi has assumed the position of interim CFO at Caraco effective, January 29, 2007. Mr. Rathi joined the Company in December 2005 as its Controller. Prior to this, Mr. Rathi had worked at Sun Pharmaceutical Industries, Ltd. (“Sun”) in India, our majority shareholder, for six years where he held various financial positions of importance, with the last being in Sun’s Corporate Office as Manager of Accounts. Mr. Rathi graduated from the University of Calcutta in India and subsequently qualified to be a member of the Institute of Chartered Accountants of India. The Controller position previously held by Mr. Rathi has been assumed by Ann Zajac. Ms. Zajac has been with Caraco since July 2006. She has assisted in many of the Controller duties for the Company since that time. Ann has a BS in Accounting from the University of Akron in Ohio.

 

"Jitendra, during his tenure, made significant contributions towards team building and growth and we compliment him on his many successes while here at Caraco. We believe that Jitendra’s decision to focus his full attention on future products being developed and manufactured by Sun is in the best interest of both Caraco and Sun,” said Daniel H. Movens, CEO of Caraco. Mr. Movens added, “Jitendra brings his vast experience and knowledge to Sun’s New Jersey and Ohio operations, which will increase the number of products in the overall portfolio that will be offered to the US market. We thank him for his efforts in growing Caraco and wish him much future success.” Currently, Mr. Movens will assume the responsibilities of the COO position.

 

Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers.

 

Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission and include: information of a preliminary nature that may be subject to adjustment, potentially not obtaining or delay in obtaining FDA approval for new

 

 

products, governmental restrictions on the sale of certain products, dependence on key personnel, development by competitors of new or superior products or cheaper products or new technology for the production of products, the entry into the market of new competitors, market and customer acceptance and demand for new pharmaceutical products, availability of raw materials, timing and success of product development and launches, integrity and reliability of the Corporation's data, compliance with regard to regulatory and cGMP managing our recent rapid growth and anticipated future growth, occasional credits to certain customers reflecting price reductions on products previously sold to them and still available as a shelf-stock adjustment, possibility of an incorrect estimate of chargebacks and the impact of such an incorrect estimate on net sales, gross profit and net income, dependence on few products generating majority of sales, product liability claims for which the Company may be inadequately insured, subjectivity in judgment of management in applying certain significant accounting policies derived based on historical experience, terms of contracts, accounts receivable allowances including chargebacks, rebates, income taxes, values of assets and inventories, litigation involving claims of patent infringement, litigation involving claims for royalties, and other risks identified in this report and identified from time to time in our reports and registration statements filed with the Securities and Exchange Commission. These forward-looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward-looking statements.

 

 

 

 

 

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