Formed on 23rd January 1969 as part of the All-Party Agreement of 19th January 1969, under the leadership of Kumar Lalith, a CAG official, by the government of Kasu Brahmananda Reddy.
Tasked with estimating Telangana’s surplus funds between 1st November 1956 and 31st March 1968.
Submitted its report on 7th March 1969:
Found a total revenue surplus of Rs 102 crore, with a net surplus of Rs 63.92 crore.
After deducting the capital account surplus for the last two years, the remaining unspent surplus was Rs 34.10 crore.
The Telangana Regional Committee alleged errors in the report, claiming that the actual surplus, considering all factors since the formation of Andhra Pradesh, was Rs 107.13 crore.
Criticized the report for excluding income from state-wide boards and corporations.
In response to disputes, the central government agreed to appoint an authority for surplus calculations as part of the Eight-Point Formula announced on 11th April 1969.
Subsequently, the government established the Justice Bhargava Committee to reevaluate Telangana surplus funds.
