JOIN USTTD trust in row again over managing Lord Venkateshwara's wealth
The Tirumala Tirupati Devasthanams is mired in another controversy over its management of Lord Venkateshwara’s wealth.
Faced with objections from Hindu organisations and the BJP, the TTD has backtracked on its decision to invest devotees' donations in government securities.
The TTD has over Rs 12,000 crore deposited in various banks. The BJP alleges the proposed investment as to the tune of Rs 5,000 crore, from those deposits maturing soon.
Citing a fall in interest rates to between 3 and 4%, the TTD’s finance committee had on August 13 recommended investment in central government securities to earn higher interest.
Documents accessed by DH show that in 2019-20, TTD earned an interest of Rs 857 crore on deposits. In 2020-21, it is estimated to be Rs 706 crore.
Temple money, till now, is being deposited in nationalised banks for a period of one year to 15 months, based on the interest rate predicted. The new proposal was made “since major investments (in banks) are maturing in December 2020".
The TTD board of trustees meeting on August 28 approved a motion in this regard. However, the resolution authorised by TTD chairman Y V Subba Reddy, added the state government securities option too, “to avail the interest advantage".
This approval is seen by detractors as a plan at the behest of the Jaganmohan Reddy government to channel the huge sums to aid the state's reportedly dwindling revenues.
“The state government has a Rs 3-lakh crore debt and is unable to accrue any more loans. Which is why it has now eyed Lord Venkateshwara’s money,” BJP Andhra Pradesh unit secretary Bhanu Prakash Reddy told DH.
Bhanu Prakash, who earlier served as a TTD board member, says the TTD should also not invest in central securities or deposit in scheduled banks. “TTD is not a profit-making venture to vie for 7 or 8% interest. The TTD funds would be secured, only when they are with the SBI or other nationalised banks,” he said.
In a legal notice sent to the TTD board chairman and members on Friday, Bhanu Prakash threatened to approach the Andhra Pradesh high court “if they proceed with investments in government securities". He also warned of a BJP-led statewide agitation.
Y V Subba Reddy, a former YSRCP Lok Sabha MP, is a close relative of CM Jaganmohan Reddy. He was made the TTD board chairman last year after Reddy assumed power.
Following the furore, the TTD has issued a clarification saying, “No investment was made till now either in the central government or in different state government securities.”
“The board wanted to examine the investment option in the wake of falling interest rates. Now, this may not be required to be acted upon, as the interest rates may go up, in the light of buoyancy in the economy in the wake of unlock guidelines,” a TTD statement said, adding that “the TTD may continue to invest in bank fixed deposits.
However, TTD has defended the securities investments option as “not newly brought in by the (present) board but allowed under TTD provisions existing since 1990".
The TTD also claimed that a lower interest offered by the banks would make the functioning of the Annaprasadam trust, Balaji Institute of Surgery Research and Rehabilitation for the Disabled (BIRRD) and Gosamrakshana, burdensome.
The TTD’s plans, earlier this year, to auction some of the land parcels and other properties donated by devotees to the Lord, to accrue more income has invited nationwide criticism. In a damage control measure, the Reddy government had in May issued orders suspending the land sale proposals.