Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Subramanian Veerappan
 2. Date of Event Requiring Statement (Month/Day/Year)
12/06/2006		 3. Issuer Name and Ticker or Trading Symbol
ELITE PHARMACEUTICALS INC /DE/ [ELI]
(Last)
(First)
(Middle)
C/O ELITE PHARMACEUTICALS, INC.,, 165 LUDLOW AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NORTHVALE, NJ 07647		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 26,800
D
 
Common Stock 957,396
I
By VGS Pharma, LLC (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants 12/06/2006 12/06/2011 Common Stock 478,698 $ 3 I By VGS Pharma, LLC (2)
Stock Options 12/06/2006 12/06/2016 Common Stock 250,000 $ 2.13 D  
Stock Options 05/06/2007 12/06/2016 Common Stock 250,000 $ 2.13 D  
Stock Options 12/06/2007 12/06/2016 Common Stock 250,000 $ 2.13 D  
Stock Options   (3) 12/06/2016 Common Stock 1,000,000 $ 2.13 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Subramanian Veerappan
C/O ELITE PHARMACEUTICALS, INC.,
165 LUDLOW AVENUE
NORTHVALE, NJ 07647		   X      

Signatures

/s/ Veerappan Subramanian 12/20/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) Owned by VGS Pharma, LLC ("VGS"), a wholly-owned subsidiary of Kali Capital, L.P., which is controlled by Kali Management, LLC ("Kali"), its general partner, and Kali is controlled by the daughter of the Reporting Person, its managing member. The Reporting Person disclaims beneficial ownership of these shares of Common Stock, except to the extent of his pecuniary interest therein, if any.
(2) The Warrant is owned by VGS. See footnote no. 1. The Reporting Person disclaims beneficial ownership of the Warrant and the underlying shares of Common Stock, except to the extent of his pecuniary interest therein, if any.
(3) The vesting of these Stock Options shall depend upon the accomplishment of certain milestones with respect to the first or second drug product developed by the Issuer on or after February 4, 2007 under a certain Advisory Agreement, dated December 6, 2006, between the Issuer and the Reporting Person.

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