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More time sought for Xerox probe

New Delhi, Nov. 24 (PTI): S. K. Jain & Co, the chartered accountant probing Xerox 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 the 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.

The 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.

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.

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