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[[File:modi xerox green logo.jpg|300px|thumb|Xerox India used to be called Modi Xerox]] | [[File:modi xerox green logo.jpg|300px|thumb|Xerox India used to be called Modi Xerox]] | ||
'''Xerox India''' is the Indian subsidiary of [[Xerox Corporation]], based in [[Gurgaon]], [[India]]<ref>http://www.xerox.com/perl-bin/world_contact.pl#6</ref> the American printer, photocopier, document supplies, technology & services company. | '''Xerox India''' is the Indian subsidiary of [[Xerox Corporation]], based in [[Gurgaon]], [[India]]<ref>{{Cite web|url=http://www.xerox.com/perl-bin/world_contact.pl#6|title=Xerox Contact Details - All Department Emails & Phone Contacts}}</ref> the American printer, photocopier, document supplies, technology & services company. | ||
Originally Modi Xerox, the business was derived from a joint venture formed between [[Dr Bhupendra Kumar Modi]] aka [[Bhupendra Kumar Modi|Dr. M]] through [[ModiCorp]] (now [[Spice Group]]) and [[Rank Xerox]] in September 1983. The share structure was 40% ModiCorp, 40% Rank Xerox and 20% private shareholders. It built upon an earlier co-operation, Indian Xerographic Systems, formed in 1982. Other partnerships included Modi Xerox Software Systems, created in 1995 and Modi Xerox Financial Services. | Originally Modi Xerox, the business was derived from a joint venture formed between [[Dr Bhupendra Kumar Modi]] aka [[Bhupendra Kumar Modi|Dr. M]] through [[ModiCorp]] (now [[Spice Group]]) and [[Rank Xerox]] in September 1983. The share structure was 40% ModiCorp, 40% Rank Xerox and 20% private shareholders. It built upon an earlier co-operation, Indian Xerographic Systems, formed in 1982. Other partnerships included Modi Xerox Software Systems, created in 1995 and Modi Xerox Financial Services. | ||
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==Financial Irregularities== | ==Financial Irregularities== | ||
In July 2002, during a troubled period for Xerox Corporation after allegations of accounting irregularities by the [[U.S. Securities and Exchange Commission]],<ref>{{cite web|url=https://www.sec.gov/litigation/complaints/complr17465.htm |title=Complaint: SEC v. Xerox Corporation |publisher=Sec.gov |access-date=2010-07-16}}</ref> Xerox Corporation disclosed that Xerox ModiCorp had made "improper payments" to government officials <ref>{{cite web|url=http://www.rediff.com/money/2002/jul/02xerox.htm |title=Xerox says Indian unit made 'improper payments': Reuters | | In July 2002, during a troubled period for Xerox Corporation after allegations of accounting irregularities by the [[U.S. Securities and Exchange Commission]],<ref>{{cite web|url=https://www.sec.gov/litigation/complaints/complr17465.htm |title=Complaint: SEC v. Xerox Corporation |publisher=Sec.gov |access-date=2010-07-16}}</ref> Xerox Corporation disclosed that Xerox ModiCorp had made "improper payments" to government officials <ref>{{cite web|url=http://www.rediff.com/money/2002/jul/02xerox.htm |title=Xerox says Indian unit made 'improper payments': Reuters |work=rediff.com |date=2002-07-02 |access-date=2010-07-16}}</ref> and fictitious firms.<ref>{{cite web|url=http://www.rediff.com/money/2002/jul/21xerox.htm |title=Xerox made payments to fictitious firms: PwC |work=rediff.com |date=2002-07-21 |access-date=2010-07-16}}</ref> A government probe later found Xerox Modi Corp had violated certain corruption laws and in May 2005 it was reported that action would be taken against the company. At this time Xerox ModiCorp announced its name change to Xerox India.<ref>{{cite news|author=Asia Pulse Pte Ltd |url=https://www.forbes.com/infoimaging/feeds/infoimaging/2005/01/24/infoimagingasiapulse_2005_01_24_ix_3744-0083-.html |title=Indian Govt to Form Inter-AGENCY Action Against Modi Xerox |work=Forbes.com |date= 2005-01-24|access-date=2010-07-16}}</ref> | ||
After all these activities Modi Xerox closed its factory in Rampur. | After all these activities Modi Xerox closed its factory in Rampur. | ||
According to the Economic Times,<ref>{{cite news |url=http://articles.economictimes.indiatimes.com/2005-03-28/news/27489725_1_xerox-modicorp-bk-modi-group-xmc |title=Xerox looks to up stake in Indian arm to 100% |date=28 March 2005 |newspaper=The Economic Times |authors=MK Venu & Rajeev Jayaswal |access-date=27 June 2012}}</ref> Xerox Corporation owned 86% of Xerox India in March 2005 and is seeking 100% control. The remaining shares are held by Modi Rubber and private stakeholders. | According to the Economic Times,<ref>{{cite news |url=http://articles.economictimes.indiatimes.com/2005-03-28/news/27489725_1_xerox-modicorp-bk-modi-group-xmc |title=Xerox looks to up stake in Indian arm to 100% |date=28 March 2005 |newspaper=The Economic Times |authors=MK Venu & Rajeev Jayaswal |access-date=27 June 2012}}</ref> Xerox Corporation owned 86% of Xerox India in March 2005 and is seeking 100% control. The remaining shares are held by Modi Rubber and private stakeholders. | ||
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{{India-company-stub}} | {{India-company-stub}} | ||