The Trust was founded by Sri. S.N. Varadarajan, the Chairman of the INDSIL group of companies in India, in February 1996. Sri. S.N. Varadarajan, a devout Vedic, had long wanted to start a Veda Patasala, in order to propagate the teachings of the Vedas to all who wished to learn it, free of cost. In his father's memory, the Trust founded the “Singanallur Narasimha Iyer Veda Patasala”, adjacent to Indsil Electrosmelts Limited. Out of his personal funds and those of his friends, Sri. S.N. Varadarajan has funded the Trust. The trust provided the Patasala with an acre of land, a Patasala building, a Prayer hall and seven acres of paddy fields, at a cost of nearly Rs. 10.0 million. In addition, each year the Trust provides for the complete tuition and boarding expenses of all the students at the Patasala, involving an annual expense of nearly Rs. 2 Million. These expenses are primarily met by the Indsil group of Companies, to which the Trust is eternally obliged.
The Chairman of the Trust is Sri C.G.Venkataramanan, a well known philanthropist, who is also the founder Chairman of Tamil Nadu Brahmins Association and Dharmadhikari of Sri Sringeri Shankar Mutt, Coimbatore.