New Delhi, Nov 24: S K Jain & Co, The Chartered Accountant probing Cerox Modicorp for allegedly bribing government officials to secure business, is believed to have asked for an extension beyond November to submit its findings to the Department of Company Affairs (DCA). The request for an extension comes close on the heels of government stating in parliament that investigations into the company have so far "not revealed" that cash it generated by making payments to certain entities, by whom no services were rendered, was used to pay bribes to government officials.
DCA had appointed the Delhi-based Chartered Accountant in August this year to investigate whether the management of Xerox Modicorp is guilty of fraud under Section 237 of the Companies Act.
When contacted, Amarjeet Chopra of S K Jain & Co declined to either confirm or deny that an extension had been sought. Also, no official confirmation was available on the matter.
Under Section 237, the department can investigate XML officials for fraud, or any other misconduct towards it company besides investigating whether the company was conducting business with intent to defraud creditors and others associated with it.

Bureau Report