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Jaswant orders inquiry into Xerox bribery case

Finance Minister Jaswant Singh said on Thursday that he has ordered an inquiry into the Xerox ModiCorp bribery case on the basis of certain documents given to him by V K Dhall, secretary in the Department of Company Affairs .

"Yesterday, (on Wednesday) the Company Affairs secretary gave me some papers on the basis of which I have ordered an immediate inquiry," he told reporters soon after assuming office on Thursday.

Singh said: "There might be a few mistakes here and there, but it was improper to say all was wrong."

A probe into the accounts of Xerox ModiCorp was ordered following admission of improper payments of $700,000 to government officials in 2000 to promote business.

Dhall told CNBC television his agency would inspect past accounts of Xerox's local unit in accordance with Companies Act.

"It has to be a quick inspection with a view to ascertain the actual facts. We will see how far back it is necessary to go, (it) depends upon what facts emerge from the initial look.

"There are penalties provided (in the act). The penalties are there in terms of financial fines. Some sections (of the act) provide for penalties in terms of imprisonment also," Dhall said.

Xerox Modicorp posted net profit of Rs 86.9 million, the last year for which it has declared results.

(With additional inputs from Reuters)

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