However, he said the matter fell under the purview of the Lok Sabha.
On December 28, Yadav had given notice under Rule 187 alleging that the Congress President had "intentionally, maliciously and disrespectfully twisted" the name of Leader of the House and Finance Minister Arun Jaitley in a tweet.
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During the Zero Hour on the last day of the Winter Session, Yadav wanted to know the fate of his privilege notice, to which Naidu said it was under his consideration.
"Your notice is under my consideration. I have already told you, I will be taking action immediately, but it's not within the purview of Rajya Sabha, finally, it has to go to Lok Sabha. I will take a necessary decision at the earliest," the Chairman said.
The House was adjourned sine die later in the day.
Earlier, Naidu asked ministers to take prior permission along with reasons from the Chair for allowing their colleagues to lay papers in the House on their behalf.
He also remarked that when Parliament is in session, ministers should give "priority to Parliament".