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, Xerox Corporation disclosed that Xerox ModiCorp had made "improper payments" to government officials and fictitious firms. 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. After all these activities Modi Xerox closed its factory in Rampur. According to the Economic Times, 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.
Read more about this topic: Xerox India
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“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
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