India: Malabar Cement MD arrested over concessions to dealers

India: Malabar Cement MD arrested over concessions to dealers
06 September 2016


Malabar Cement managing director K Padmakumar has been arrested in a corruption case. Raids were carried out by the authorities on 1 September 2016 at Malabar cement office at Valayar and at Padmakumar’s official residence. They also had examined the residence of Malabar Cement's Deputy Manager, Venugopal at Valayar, reports Kaumudi Online.

The arrest was based on the complaints that Padmakumar allowed illegal concessions to cement dealers in Kozhikode, Malappuram and Thrissur and by this the government incurred losses to the tune of thousands of rupees. There was also complaints that he had illegally given bank guarantees.

Published under Cement News

Tagged Under: India Malabar Cements