This temple is located at a distance of 8 kms from Thiruvaiyyaru towards Kumbakonam. The Moolavar is Sri Jagathrakshakan also known as Sri Vaiyyam Katha Perumal in a standing posture facing east and the Thaayar is Sri Padmasane also known as Sri Pushpavalli.

The legend is that King Sri Ambareesha was once observing Ekadhashi Vritam and was immersed in the thought of Lord Sri Vishnu and did not notice the arrival of Sage Sri Durvasa. Durvasa became angry and cursed Ambareesha but was saved by Sri Maha Vishnu, who sent his chakra against Durvasa. Durvasa repented and on the recommendation of Ambareesha was pardoned by Lord Sri Vishnu. Since this incident happened at this place Ambareesha constructed a temple for Lord Sri Vishnu. This original temple is not in existence now; the temple currently standing on this spot was built by Sri Rani Mangamma of Madurai.

There is also another legend which says that when river Cauvery was in spate, this idol was washed away, but it was saved by the people of the nearby Cheri (Slum) and the idol was in their custody for some time. Later, it was brought back and installed in this place.

Another legend says that there was a parrot sitting on a coconut tree and continuously uttering the name of Sri Maha Vishnu as Had Had. A hunter came along cut the head of this parrot but he found a circle of light (hallow) around the neck of this parrot, and even while dying the parrot was uttering Had Had. Then Lord Sri Had appeared and gave darshan to the parrot and also said that the parrot was Sage Sri Vidhya in his previous birth, but did not respect others, being puffed up with Sri Hari Bhakti. Hence, it had to take a re-birth as a parrot. Due to the darshan of Sri Maha Vishnu the parrot was relieved of its curse and attained Mukthi.

This Vaisnavite temple is the Navagraha Sthalam for Sri Ketu Bhagawan.