Legal notice served on EO, FA&CAO

Tirupati: Rayalaseema Porata Samithi (RPS) district convener P Naveen Kumar Reddy issued a legal notice on TTD Executive Officer Anil Kumar Singhal and Financial Adviser and Chief Accounts Officer (FA&CAO) seeking them the details of the awarding of Rs 1,000 crore term deposits to a private bank. 

The notice was sent through Reddy's advocate K Rajesh to EO and FA&CAO here on Saturday. Naveen Kumar speaking to media here on Saturday said that though it was not desirable to invest in private banks in view of security, the TTD deposited Rs 1,000 crore in IndusInd Bank after the maturity of its deposits on March 31 this year. 

Further, there was no instance of TTD deposited its money in private banks so far, he said demanding TTD EO and FA&CAO to disclose the details of the banks participated in the tender with the interest rate they offered and meeting details of the TTD investment committee finalising the award of deposits both to public sector and private bank after opening the sealed quotations received from the banks. 

“As an ardent devotee I am concerned on the security of TTD deposits made with munificent contributions from scores of devotees and have every right to know and also make public the steps TTD has taken to secure the devotees money in banks,” he said informing that the copies of the notices were sent Prime Minister Narendra Modi and also Union Finance Ministry for information.  

It may be recalled that TTD deposited Rs 3,000 crore in public sector Andhra Bank and Rs 1,000 crore in IndusInd Bank, on the recommendation of the its investment committee based on the quotations offered by the bank received in sealed covers, after its Rs 4,000 crore deposits matured on Mach 31.