Department of Company Affairs said on Friday that the independent auditor appointed to examine the Xerox ModiCorp bribery scandal is expected to submit its report shortly.
DCA Secretary Vinod Dhall told PTI that the investigation, which began in August last year, has turned out to be a comprehensive one, adding, "I am told 100-115 witnesses have already been examined as part of the investigation."
The probe is being conducted by Delhi-based chartered accountant S K Jain and Company, which was mandated under section 237 of the Companies Act to determine whether the company (Xerox ModiCorp) or its employees committed fraud.
In July last year, Xerox Corporation had disclosed to the Securities and Exchange Commission of the United States that officials of its Indian joint venture with the B K Modi group paid bribes to government officials to secure contracts.
Xerox had reportedly put the bribery figure at $700,000.
Asked what action DCA would take once the auditor detected violations of Companies Law, Dhall said, "violators will be prosecuted as per law" and declined to give further details.
Under section 237, the Department can investigate XML officials for fraud, or any other misconduct towards the company besides investigating whether the company was conducting business with intent to defraud creditors and others associated with it.
The government had ordered a probe in July last year.
© 2025