The Tirumala Tirupati Devasthanams (TTD) did not make investments in government securities but examined such an investment option amid the falling interest rates in the wake of Covid pandemic.
“Now, this option may not be required to be acted upon, as the interest rates are going up, in the light of buoyancy in the economy in the wake of Unlock 5.0 guidelines and TTD may continue to invest in fixed deposits in banks,” said an official.
According to the official, TTD investing in central government or state government securities is not newly brought out by the board as such a provision already exists.
Section 111 (3) of the Endowments Act 30 of 1987 and Rule 80 of TTD Rules issued in government order 311, on April 09,1990, such investments in securities can be made only after the guidelines are approved by the government.
“There is no ‘hidden agenda’ in this as the trust board has transparently made the decision in the trust board meetings telecast live and further this agenda with board resolution was also uploaded in the TTD Website,” he observed.