Caraco Independent Committee to consider Sun Pharma proposal to purchase outstanding shares

As previously disclosed, Sun Pharmaceutical Industries, Ltd. And Sun Pharma Global, Inc. (collectively, "Sun Pharma"), which own 75.8% of Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) common stock, have proposed (the "Proposal") a "going private" transaction by which Sun Pharma would acquire all of the outstanding shares of Caraco common stock not held by Sun Pharma for a per share consideration of $4.75 cash. At a special meeting of the Caraco Board today, the Independent Committee of the Board has been authorized to (1) consider the Proposal, including, but not limited to, reviewing (a) whether going private is appropriate for Caraco at this time is advisable or is inadvisable and should be rejected, (b) possible alternatives to the Proposal or opportunities which may be more advantageous to Caraco, and (c) the merits of the Proposal; (2) if deemed advisable, entering into discussions and negotiations with respect to the terms of the Proposal, including the proposed per share purchase price, with Sun Pharma and their advisors; and (3) make recommendations to the Board of Directors and, as applicable, to the stockholders as to the Independent Committee's findings.  The Independent Committee has also been authorized to retain an independent financial advisor, independent legal counsel, and such other professionals it deems reasonable and advisable to assist it in carrying out its responsibilities.