The court gave the direction while rejecting the petition filed by Pillai seeking time for the execution of the arrest warrant on health grounds.
Reacting to the development, Pillai said he would surrender before the court on February 18.
"My plea has been rejected. I will surrender before the court on February 18. If the police want to arrest me before that date, I would co-operate with them," Pillai told media.
Pillai, leader of the Kerala Congress (B) and a former electricity minister in the Congress-led UDF Government, was awarded the punishment by the apex court alongwith a former chairman of the Kerala State Eelectricity Board (KSEB) and a contractor.
The case related corruption in awarding contract for construction of tunnel and surge shaft of the Edmalayar Hydro Eelectric Project in 1980s.
The prosecution case was that they entered into a conspiracy that causeda loss of Rs 2 crore to KSEB by awarding contracts.