THRISSUR: The vigilance court here on Tuesday rejected the bail application of Malabar Cements managing director K. Padmakumar citing the charges against him over corruption in awarding dealership were serious, and the documents seized from his office and official residence need to be verified in his presence. Though the court ordered his police custody till September 9, he was found medically unfit and was sent to judicial custody. The vigilance sought his custody in the alleged involvement in the Rs 2.7 crore loss incurred due to corruption in cash discount given to some dealers while his bail application was taken up in the morning.
Mr Padmakumar's contention was that the board of directors made all the decisions related to the alleged irregularities, and he could be not taken to task for such decisions. He also told the court that now he was suspended by the government after his arrest on Monday, he could not be visiting the company to influence anyone. Special vigilance judge C. Jayachandran said the decisions of the board also need to be looked into seriously, but that could not be a reason for granting bail.
Activist Joy Kaitharam on whose complaint the vigilance registered four cases against him and other officials of the state-owned firm for alleged corruption during 2011-15, said as the court did not consider his plea to implead, he would soon move the High Court. He said there were five corruption cases against Mr Padmakumar and other officials and as per a CAG report, losses to the tune of '240 crore had occurred since 2011 and in between 2001-2006 Rs 400 crore.
