A fresh controversy erupted in the Tirumala Tirupati Devasthanams on the issue of putting Srivari funds into the AP Government securities. Till now, the TTD deposits are only in the scheduled banks though it gets a lower interest rate of about 5 per cent. Recently, the TTD finance wing came out with a proposal for putting the TTD funds in Central Government securities as it would fetch nearly 7 per cent interest.
Now, the TTD Board has included the clause to allow deposit of these funds in Central and State Government securities. Critics say that this is part of the conspiracy to allow the Jaganmohan Reddy regime to lay its hands on the Srivari funds. If the State Government does not pay the interest and does not pay back the deposits, the TTD would be able to do nothing in future. After all, the TTD Chairman is at the mercy of the State Government.
Alarmingly, the TTD Board has passed a resolution on August 28 itself to allow its funds to flow into the hands of the AP Government. It was kept a closely guarded secret. Analysts say TTD Chairman SV Subba Reddy is making calculated moves to favour the Jagan Government. In December, lots of TTD deposits would mature in different banks. The stage is being set to transfer all these funds into AP Government securities. This will help CM Jagan to use the funds at his whims and fancies.