<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-10-26</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000887708</issuerCik>
        <issuerName>CARACO PHARMACEUTICAL LABORATORIES LTD</issuerName>
        <issuerTradingSymbol>CPD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001219839</rptOwnerCik>
            <rptOwnerName>BELL F FOLSOM</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1150 ELIJAH MCCOY DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DETROIT</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48226</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>F. Folsom Bell was a director of Caraco from September 14, 2009 until his resignation effective immediately prior to the Special Meeting of Shareholders of Caraco held on October 26, 2009.  At the Special Meeting of Shareholders held on October 26, 2009, Mr. Bell was elected by the shareholders as a director of Caraco.  As a result of Mr. Bell's resignation, the director stock options (right to buy) granted to Mr. Bell on September 14, 2009 were never vested and expired.</remarks>

    <ownerSignature>
        <signatureName>Fred B. Green as attorney-in-fact</signatureName>
        <signatureDate>2009-10-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
