S. Raviji appeared on behalf of B. Jagannath, Counsel for Petitioner [28/05, 10:57] sekarreporter1: [28/05, 06:23] Bjp Adv Ramoorrhy Mhc: WP filed by TR Ramesh challenging the amendment to the Rule brought in by TN Government permitting the investment of surplu

[28/05, 10:57] sekarreporter1: S. Raviji appeared on behalf of B. Jagannath, Counsel for Petitioner
[28/05, 10:57] sekarreporter1: [28/05, 06:23] Bjp Adv Ramoorrhy Mhc: WP filed by TR Ramesh challenging the amendment to the Rule brought in by TN Government permitting the investment of surplus funds of temples administered by HR and CE department across the state.in Tamil Nadu Power Finance Corporation. S. Ravi Senior Counsel appeared on behalf of B. Jagannath, Counsel for the petitioner. The Case was heard by the Division Bench consisting of Justice GR Swaminathan and Justice V Lakshmi Narayanan on 27/12/2026. Advocate general Vijay Narayanan appeared for the TN Government and HR and CE Department. Additional Advocate General PV Balasubramanian appeared for TN Power Finance Corporation. The argument was that over the years temples have deposited a sum of Rs. 2700 crores in Power Finance Corporation in violation of the Rules framed in this regard. When the petitioner sent a legal notice questioning the illegal investment contributed by devotees, the Government had brought in an amendment to the Rule. The said rule was challenged and was heard. It was pointed out that a non banking financial corporation can lend only one and half times the value of the total assets of such a company. TN Power Finance Corporation has lent Rs. 12,000/- crores in excess of the permitted quantum by showing those Rs. 12,000/- as Exempted Deposits. That amount includes the Rs.2700/- crores deposit of temples apart from othes funds like pension funds etc. This has been redflagged by RBI. 90 percent of the money lent by the TN Power Finance Corporation is to TANGEDCO which has been making a loss of Rs 1,60,000/- and thus the temple funds are deposited in a risky company which has the lowest credit rating in the country. The deposits have been made by Government Officers who are functioning in the capacity of Fit Persons as Trust Boards have not been constituted in the majority of the temples. Under Section 28 of HR and CE Act only trustees can take a decision on investment of surplus funds of a temple and the trustees are mandated to invest as to how they will invest their own funds. The amended Rule permits the government officials to invest the money offered by the devotees in a high risk company. After hearing the arguments on both sides, the Bench asked the AG as to whether the Government will give a guarantee to the investment of the temples and posted the case to 29/12/2026 for the response of the government. TN Power Finance Corporation has been directed to file a chart on their investment details in this regard
[28/05, 08:04] sekarreporter1: 👍