TTD defends decision to invest in government securities

Nellore: Reacting to criticism of Tirumala Tirupati Devasthanams Trust Board’s resolution to invest TTD funds in government bonds, the board has made it clear that there is no “hidden agenda”, as the Trust has taken the decision in a transparent manner at its meeting that was telecast “Live”.

Further, the agenda with board’s resolution had also been uploaded on the TTD website, a late-night press statement issued by the devasthanams pointed out on Saturday.

According to the statement, the Trust Board explored various options of investment in the backdrop of falling interest rate scenario following the Covid-19 pandemic. It then considered investments in central government and different state government securities as one of the options.

Investments in central or state government securities is not a new decision of the board, as such a provision already exists in Section 111(3) of Endowments Act 30 of 1987 and Rule 80 of TTD Rules issued in G.O.311, dated 09.04.1990. Such investments in securities, however, can be made only after the guidelines are approved by the government.

“No investment has been made till now either in central government or in different state government securities. The board wants to examine the investment option in securities in the wake of falling interest rates. Now, this option may not be acted upon, as interest rates are going up in the light of buoyancy in the economy following unlock guidelines 5.0. TTD may continue to invest in fixed deposits of banks,” the press statement maintained.