EXHIBIT 99.1

Contacts:
     Caraco Pharmaceutical -- Jitendra N. Doshi or Bob Kurkiewicz
     P:313 871-8400 Marcotte Financial Relations - Mike Marcotte P:248 656-3873

CARACO PHARMACEUTICAL REPORTS
RESIGNATION OF TWO DIRECTORS
Search for new independent directors on                   For Immediate Release


         DETROIT, November 19, 2003 -- CARACO PHARMACEUTICAL LABORATORIES, LTD.
(Amex: CPD) announced today that Jay F. Joliat, 46, has resigned from the Board
of Directors to devote more time to his business interests, including a new real
estate development venture, and that Dr. Phyllis Harrison-Ross, 66, has also
resigned from the Board of Directors to concentrate her energies on expanding
the use of e-health technologies in the delivery of patient care. Mr. Joliat
stated that he was pleased to be leaving the Company in a stronger position than
when he joined the Board in 1995. Mr. Jitendra N. Doshi, CEO, stated that
"Caraco appreciates both Mr. Joliat's and Dr. Harrison-Ross' many years of
valued service as independent members of Caraco's Board and committees, and
wishes them much success in the future." Mr. Doshi added that Caraco, which
currently has no independent directors, would commence an immediate search for
independent directors. Pursuant to Caraco's request for an extension, Amex has
granted Caraco 60 days to appoint two independent directors to bring Caraco into
compliance with Amex audit committee requirements.

Mr. Doshi also stated that: "Caraco continues to be on track to meet its sales
guidance for the year of $45 million."

Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures
and distributes generic and private-label prescription drugs to some of the
nation's largest distributors, drugstore chains, healthcare systems and state
and federal agencies.

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, among other factors, that information is of
a preliminary nature and may be subject to further adjustment, not obtaining FDA
approval for new products or delays in receiving FDA approvals, 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 launch, integrity and reliability of the Corporation's
data, lack of success of attaining full compliance with regard to regulatory and
cGMP compliance, and other risks identified from time to time in the
Corporation's reports and registration statements filed with the SEC. The
Corporation assumes no responsibility to update forward-looking statements.