Thrissur: The Vigilance court Friday granted conditional bail to K. Padmakumar, former managing director of public sector Malabar Cements Limited.
Padmakumar was arrested in Palakkad on Monday by the Vigilance and Anti-Corruption Bureau on charges of corruption and irregularity.
Padmakumar is accused of irregularities in fixing dealers for the products of the cement company located at Walayar in Palakkad.
In his bail plea, Padmakumar contended that whatever actions he had taken as the managing director of the profit-making PSU were in accordance with collective decision and approval of the director board.