Travancore Devaswom Board has been at the receiving end of some serious criticisms for the way they handled the issue of young women entry into Sabarimala. Now, in yet another bizarre incident related to Sabarimala, TDB blamed Lord Ayyappa after they invested employees PF amount into a private bank’s bond.
A petition was filed asking why Travancore Devaswom board had put their employees P.F amount in Dhanalaxmi bank’s debenture and to this the TDB informed the High court that Lord Ayyappa had foreseen the advent of floods and the protests related to Sabarimala young women entry and therefore Ayyappa made the officers to invest the money into bond, to adjust for the future needs!
Board in its affidavit said it was Ayyappa’s act to overcome the future financial crisis.
TDB had withdrawn a PF investment of about Rs 150 crores and then invested it into Dhanlaxmi banks bond. Audit department had found that this was a move that will prove counterproductive to the board in the long term. Board informed High court that there is no other go to get high-interest rates.
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