CHENNAI: A vacation bench of Madras HC comprising justices GR Swaminathan and V Lakshminarayanan on Wednesday ordered notice to the RBI and the union finance ministry directing them to file reply to a PIL petition challenging a 2026 GO issued by state relaxing the rules for investing temple funds in government run non-banking financial companies including the TN Power Finance and Infrastructure Corporation Limited and the TN Transport Development Finance Corporation Limited
The petition was filed by temple activist TR Ramesh. He said the G.O. issued on February 17, 2026, by the department of tourism, culture and religious endowments amending the Religious Institutions (Custody, Investments and Lending or Borrowing of Moneys) Rules, 1963, as illegal, arbitrary and ultra vires the provisions of the HR&CE Act, 1959, and Articles 25 and 26 of the Constitution.
Pointing out that the Tangedco has incurred a cumulative loss of Rs 1.6 lakh crore, the petitioner said depositing Rs 2, 700 crore of temple funds in TNPFC is subject to risks.