New Delhi, Mar 20: The probe into the bribery scandal of Xerox Modicorp, begun last August, is still hanging fire with the chartered accountant appointed for the purpose expected to seek yet another extension beyond March to submit a report, sources said here. Appointed in August last year by the department of company affairs, S K Jain and company has been seeking repeated extensions for submitting its report in the bribery scandal, citing non-cooperation by Xerox Modicorp officials as one among several reasons for the delay.
The CA had been given time till March end to submit its findings, but has indicated that it may need another extension, possibly for one month, sources said here today. It has also been indicated that so far, no evidence of any bribes having been paid by company officials to the government has been found. Delhi-based CA S K Jain and company had been appointed by the department of company affairs last year to conduct a probe into allegations made by Xerox Corporation in US that its Indian subsidiary paid bribes to government officials to secure contracts.
Despite several attempts, neither the CA nor officials of Xerox Modicorp could be reached for comments.
After Xerox Corp confessed to the securities and exchange commission in the US in July last about Indian JV's actions in 2000, DCA had ordered a probe under Section 237 of the Companies Act to find out if the management of Xerox Modicorp was guilty of fraud. Bureau Report