Financial crisis won't affect Pooram: Devaswom officials

THRISSUR: Thiruvambady devaswom is facing an acute financial crisis, with a liability of about Rs 70 crore, but its officials claim that this will not affect the ensuing Thrissur Pooram.
Thiruvambady devaswom is one of the two major partners of Thrissur Pooram, and its officials claim that they will be able to mobilize enough funds for the smooth conduct of the Pooram, to be held on April 30 this year.
The Pooram expenditure for the devaswom is around Rs 2 crore, and much of this is being met from the proceeds of the Thrissur Pooram exhibition. The remaining part is mobilized through donations from Pooram fans.
"The move of the Cochin devaswom board (CDB) to enhance the ground rent of Thekkinkadu Maidan, where the exhibition is being held, has triggered some anxieties about the revenue stream for conducting Thrissur Pooram. But we hope the CDB will not proceed with the move, and we will be able to conduct the Pooram with all its grandeur," said Thiruvambady devaswom president T A Sundar Menon.
The notice from the income tax (I-T) department seeking details of the exhibition revenue is another area of concern. But this issue is also being sorted out, said devaswom officials.
Devaswom officials said they are also taking measures to clear up the liabilities soon. As per the report prepared by the financial advisory committee (FAC), the devaswom has a liability of Rs 35 crore as a loan from the South Indian Bank and another Rs 35 crore as borrowings from devotees.
The FAC comprising eminent persons like management expert P Dasarathan, former I-T chief commissioner P K Vijayakumar and chartered accountant V Venugopal has said lack of financial discipline was a major factor that contributed to the liabilities of the devaswom.
"There is no need for any panic as the devaswom has enough assets, and the only issue now is its liquidity shortage, making it tough to service loans," said Vijayakumar.
Venugopal said the FAC has come up with proposals to sell off some non-essential and surplus assets like the excess land on the compounds of the Sandeepani School, Kuttumukku, run by the devaswom and erstwhile property of Daya Hospital purchased by the devaswom.