Once sage Durvaasa was wandering on the earth. He saw a beautiful girl with a garland. She presented the garland respectfully to the sage. Right at that moment, he saw Indra riding on Airaavat, the elephant. Instinctively, sage Durvaasa put that garland around the neck of Indra but Indra removed it and put it on Airaavat’s head. Airaavat pulled the garland with his trunk and smashed it on the ground. This whole sequence of events frustrated Durvaasa who cursed Indra that he will loose all his wealth. As a result Indra lost his wealth with a passage of time. Very soon, the demons launched an attack on the gods and drove them out of heaven. Indra along with other gods approached Lord Vishnu.
Pleased by their prayers, Lord Vishnu appeared before them and said-the only way to took out the Mahalaksh from the sea is to perform the churning of ocean with the help of demons. Following the advice of Lord Vishnu, the gods reconciled with the demons and convinced them to carry out the churning of the sea. Then they began the churning using Mandaraachal Mountain. As soon as the churning began, Mandaraachal began to sink. Lord Vishnu took incarnation of Kachchhap (the great tortoise) and bore the weight of the mighty mountain on His back. During the churning, Kamadhenu, the wishful cow was the first to emerge. It was presented to the sages as an aid for their Yagyas. It was followed by the Vaaruni devi, Kalpavriksha (the wishful tree) after which, beautiful apsaras appeared. The Deity of Moon followed the apsaras and was taken up by Shiva on His forehead. During the churning, huge quantity of poison had also emerged. It was drunk by Lord Shiva and some parts of it were taken up by the serpents. In the end, Dhanvantari himself emerged from the sea carrying the urn of ambrosia. It was during the churning itself that Lakshmi re-appeared once again from the Milk Ocean. Mahlaksmi Jayanthi is celebrated for this second appearance of Goddess Mahalakshmi as the daughter of ocean.
tataḥ sphuratkāntimatī - vikāsikamale sthitā -
śrīr devī payasas tasmād - utthitā dhṛtapaṅkajā // VP 1,9.98 //
And then, Sridevi appeared out of that (ocean), radiating brilliance, sitting on a full bloomed lotus, was also holding a lotus in Her hands.
tāṃ tuṣṭuvur mudā yuktāḥ - śrīsūktena maharṣayaḥ // VP 1,9.99 //
All the rishis, being overjoyed, eulogized Here with Sri Sookta.
viśvāvasumukhās tasyā - gandharvāḥ purato jaguḥ -
ghṛtācīpramukhā brahman - nanṛtuś cāpsarogaṇāḥ // VP 1,9.100 //
All the gandharvaas led by Vishvaavasu, came in front of Her and started to sing. The host of apsaras led by Ghrutaachee, were dancing in front of Her with joy.
gaṅgādyāḥ saritas toyaiḥ - snānārtham upatasthire -
diggajā hemapātrastham - ādāya vimalaṃ jalam \
snāpayāṃ cakrire devīṃ - sarvalokamaheśvarīm // VP 1,9.101 //
Ganga and all the holy rivers, brought all their waters in order to do abhisheka for Sridevi. All the diggajaas brought pure waters, in golden pots, and did abhisheka to the Supreme Lordess, Sarva Loka Maheshvari, Sridevi.
kṣīrodo rūpadhṛk tasyai - mālām amlānapaṅkajām -
dadau vibhūṣaṇāny aṅge - viśvakarmā cakāra ha // VP 1,9.102 //
Ksheera Saagara, itself took on a form, and brought out a garland, which was having lotus which will never fade. Vishvakarma came and decorated Her with all wonderful ornaments.
divyamālyāmbaradharā - snātā bhūṣaṇabhūṣitā -
paśyatāṃ sarvadevānāṃ - yayau vakṣaḥsthalaṃ hareḥ // VP 1,9.103 //
Sridevi was decorated with wonderful ornaments, and abhisheka was done to Her. She was wearing the divine garland, clothes, and all the wonderful ornaments. After having taken the abhisheka, and wearing all the wonderful ornaments, when all the devaas were beholding that wonderful sight, She went and occupied the vakshasthala of Srihari.