TTD executive officer told to explain Rs 1,000 crore fixed deposit in Indusind Bank
2 May 2018 2:26 AM IST
Notices were issued to key TTD officials, J. Sreedhar, counsel for the petitioner, stated that as per Section 111 of the Endowments Act.
Tirumala Tirupati Devasthanams
HYDERABAD: Questioing TTD choosing a private bank to deposit its funds, the Hyderabad High Court on Tuesday directed the executive officer to explain the reasons for parking Rs 1,000 crore in IndusInd Bank as fixed deposits.
A Division Bench comprising Acting Chief Justice Ramesh Ranganathan and Justice K. Vijaya Lakshmi was dealing with a PIL filed by P. Naveen Kumar Reddy. Notices were issued to key TTD officials, J. Sreedhar, counsel for the petitioner, stated that as per Section 111 of the Endowments Act, there was need to prescribe guidelines to deposit the TTD funds in the banks and the EO cannot take unilateral decisions.
( Source : Deccan Chronicle. )
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