THRISSUR: Special Vigilance Court here on Friday granted conditional bail to former managing director of state-owned Malabar Cements K. Padmakumar in a case related to an alleged loss of Rs 2.70 crore to the company by allowing cash discount for some dealers. The court issued bail on a bond of Rs 1 lakh and a guarantee of two persons. Mr Padmakumar was also asked to be present before the investigating officer in Palakkad on every Wednesday for the next four weeks and thereafter as and when asked by the investigation officer. He will be surrendering his passport before the court on September 19.
Sleuths of the Vigilance and Anti-Corruption Bureau arrested Mr Padmakumar on September 5 and produced him in the court the next day. He was in police custody for two days. Mr Padmakumar told media persons that he had done no wrong and the arrest was according to the due process of law. “As a part of marketing strategy the company had introduced an incentive schemes and discount structures,” he said. “Starting from 2011, the company has made a profit of not less than '160 crore.” Vigilance DySP of Palakkad Unit M Sukumaran said the exact loss for the company could be assessed only after verifying all the seized documents.
