Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BEHL CHARAN
   2. Issuer Name and Ticker or Trading Symbol
ELITE PHARMACEUTICALS INC /DE/ [ELI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Exec V.P. & Chief Sci Officer
(Last)
(First)
(Middle)
C/O ELITE PHARMACEUTICALS INC, 165 LUDLOW AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
11/13/2006
(Street)

NORTHVALE, NJ 07647		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               416,000 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option $ 2.25 11/13/2006   A   250,000   11/13/2006 11/13/2016 Common Stock 250,000 $ 2.25 880,000 D  
Option $ 2.25 11/13/2006   A   300,000     (1)   (1) Common Stock 300,000 $ 2.25 880,000 D  
Option $ 2.25 11/13/2006   A   200,000     (2)   (2) Common Stock 200,000 $ 2.25 880,000 D  
Warrant $ 1.54             10/06/2004 10/06/2010 Common Stock 100,000   880,000 D  
Warrant $ 3             04/26/2006 12/14/2010 Common Stock 30,000   880,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BEHL CHARAN
C/O ELITE PHARMACEUTICALS INC
165 LUDLOW AVENUE
NORTHVALE, NJ 07647		       Exec V.P. & Chief Sci Officer  

Signatures

 /s/ Charan Behl   11/15/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) They vest upon the closing of an exclusive product license for the United States national market, the entire European Union market or the Japan market or product sale transaction of all of the Company's ownership rights in the United States (only once for each individual product) for the Company's first "Non-Generic Opioid Drug" as to 150,000 options and for the Company's second "Non-Generic Opioid Drug" as to 150,000 options.
(2) See remarks for Footnote 2
 
Remarks:
(2) They vest as follows: (i) upon the commencement of the first Phase III clinical trial relating to the first "Non-Generic
 Opioid Drug" developed by the Company as to 125,000 options and relating to the second "Non-Generic Opioid Drug" developed
 by the Company as to 75,000 options; (ii) 50,000 options upon the closing of an exclusive product license for the United
 States national market or product sale transaction of all of the Company's ownership rights (on a product by product basis
 and only once for each individual product) for each Company drug product, other than the "Non-Generic Opioid Drugs" for
 which the foregoing "Non-Generic Opioid Drug" were granted under (i) above; (iii) 10,000 options upon the filing by the
 Company (in the Company's name) with the United States Food and Drug Administration (the "FDA") of either an abbreviated new
 drug application (an "ANDA") or a new drug application (including a NDA filed with the FDA (a "NDA"), for a product not
 covered by a previous FDA application; (iv) 40,000 options upon the approval by the FDA of any ANDA or NDA (filed in the
 Company's name) for a product not previously approved by the FDA; (vi) 25,000 options upon filing of an application for U.S.
 patent by the Company (filed in the Company's name); and (vi) 25,000 options upon the granting by U.S. Patent and Trademark
 Office of a patent to the Company (filed in the Company's name).

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