Sri Ganapati Sachchidananda swamji explains about Moogambika

Now Sri Swamiji explains how Kola Maharshi did penance in that holy place of Kollur, how did Mother Goddess Sri Chamundeswari, Chandi, Durga came to be known as Mookambika, how did She incarnated in that place and how Lord Shiva Himself created a 'Srichakra' in that holy place. Sri Swamiji sang his new composition:
A Maharshi named Kolav, (for many yugas (ages) in the precincts of Kollur also called Kolapuri) Kollur is situated in the opposite direction of Sahyadri Mountain ranges. The structure, the atmosphere, the surroundings of this place Kollur is very beautiful and in the form of 'Srichakra'.
' Kolapuri Mookambika, Leelachari Devaatmika'
In the above song is contained the whole story. Kolapuri, Kolhapura and Kollur are three different places and in all the three holy places Mahalakshmi is the presiding deity.
Now Kolapura Mahalakshmi's story. In Kolhapura Mahalakshmi is in the Shakti form and in Kolpuri She is in Vishnu's form and hence called Vaishnavi. Maharshi (sage) Kola,the Brahma-maanasa-putra ( son, born out of the mind of Brahma) did penance for vanquishing of demon Kolasura.
The noble sage did meditating on Lord Shiva for killing of the demon,Kolasura. This Sahyadri mountain range has spread almost all over Karnataka touching the Tirumal Tirupathi also. That is why Lord Dattatreya wanders in these ranges and in the afternoon goes to Gaya and Prayaga for the holy bath and to Ganagapura for his 'Bhiksha'. That is why Dattareya's Mahima and devotees of Datta are more in number in the south region. When Shiva appears, pleased with the penance of Kola Maharshi and ask him his wish, Kola Maharshi says that this holy placed should be named after him and it should become a 'siddha kshetra' (i.e.a place where tapas are accomplished successfully). and whoever does penance here should get their desires fulfilled . Lord Shiva tells him that the tapas he did will not suffice to fulfil his wish and hence he should perform tapas for a 'Manvantara" (i.e. completion of the 4 yugas successively), till 'Trishakti Mata' comes here to this place to fulfill his wish. He further says that such a situation of Trishakti Mata coming to this place will arise and giving His 'Parthiva Linga' asked Kola Maharshi to meditate Lord Shiva in that 'Parthiva Linga'form. In the Linga purana the powers of worshipping Lord Shiva in various Linga forms like Loha Linga, Shila Linga, Parthiva lingam, chitra Lingam, Mano Lingam is narrated, as a special and powerful worship. It is also given in detail the various aupices/results or fruits that arise out of worshipping of various idols i.e.Devathas which effective curative powers for psychological/mental woes (Manovyadhi/mano vyatha). They also have indicated method of worships for realising the accomplishments.
So Kola Maharshi went on with his 'tapas' for several thousands of years. Then a demon by name 'Kamhasura' pleased Shakti Durga by his penance and got granted a boon that no man shall conquer or kill him. After that this demon after conquering so many kingdoms comes to this place Kolapura. Seeing this beautiful and wonderful place he felt like establishing his kingdom there and threw away the Kola Maharshi physically ,who was doing penance mentally. Kola Maharshi was in transcendental state unconscious of his body and mind. Then this demon Kamhasura who was troubling Devathas (Gods) and other saintly persons. Unable to withstand this any more, the Devathas and Rishis prayed to Shakti Durga for killing this demon Kamhasura Herself as he had been torturing and killing innocent rishis and causing them trouble and sufferings without any fear as he knew he could not be killed by any man. Here a peculiar situation of killing her son arises as no purusha (man) could kill him by the powers of the boons She Herself had granted. So She goes Herself to this place, Kolapura in the form of Goddess Bhairavi to kill this demon.
Coming to know of this, the demon runs away to 'Rishyamooka' Mountain and indulged in penance. The God Who granted such boon only should do the 'samhara' (vanquishing) also. Like the killing of Bhasmasura, the demon, by Lord Vishnu in Mohini roopa (form). Knowing of Goddess Bhairavi's arrival, all the Devathas started coming to this place and settled there.
The Kola Maharshi who was in deep penance, had Darshan of Lord Vishnu before the completion of the stipulated period of penance prescribed by Lord Shiva. Since Kola Maharshi had concentrated and meditated both on Vishnu and Shiva, both the Gods appear. When Vishnu and Shiva comes to that place to bless Kola Maharshi, Lord Brahma also came and all the Devathas also followed the suit. In the meanwhile there arises some trouble. A demon named Mahishasura, elder brother of demon Kamhasura, had started troubling and creating problems for Devathas. Incidentally, he also had the boon of not getting killed by any man by the Goddess.
The demon Kamhasura, through his tapas shakti (power of penance) came to know that his brother Mahishasura has created more problems and troubles and for the time being, Kamhasura decided to keep quite till his brother stops creating nuisances. In the meantime, in Kolapura where Goddess Bhairavi had taken residence and Brahma,Vishnu Maheshwara,who also had come pleased with the penance of Kola Maharshi , and the other Devathas, held a Session to think of a way to vanquish Mahishasura first as he was creating more problems than the others. Then when they made 'Sankalpa' together, immediately there emanates Tejas/shakti from the face of the Trinity Gods (Brahma, Vishnu & Maheshwara) and other Devathas from their respective 'Amshas' and all these Tejas/shakti joining together , a most powerful form of Chandi, Goddess Mother arises out of the Celestial fire. That Mother who has come in the form of Chandi devi was given different 'Ayudhas'/Shastras (weapons and armoury) by each of the Trinity Gods and all the Devathas. She leaves to kill Mahishasura.
After Her departure, only Vishnu an Shiva along with Kola Maharshi remain there. That place where Kola Maharshi had meditated upon Vishnu and Shiva, came to be called 'Mookambika Parvatha, mountain' and it is like a 'Ardha meru' form, a special 'bhooprasthara' form. When Kola Maharshi was asked by Shiva to utter his wish, Kola Maharshi requested Lord Shiva to stay there permanently. Lord Shiva agrees and stays there. When Lord Shiva stayed there, Lord Vishnu also takes residence in that place. Lord Shiva Himself created 'Srichakra Yantra' and instals there and Lord Vishnu protects it. Mother Goddess Chandi, resided here in the Bhairavi roopa, Vaishnavi Roopa along with Shiva Vishnu and other Devathas and Goddess and other Devathas prays to Lord Shiva.
After Mahishasura was killed and Goddess came to be called Mahishasuramardini, Lord Shiva pleased asked Her to ask for a boon and She requests Him to merge in the Srichakra yantra he created. Hence, in Kolapuri, this Srichakra Yantra is a specialty as He Himself resides in it. It is in Shiva Shakti merged form. If you recite once the word 'Kolapuri' it is enough to destroy sins.
The Devathas now turned their attention towards the demon Kamhasura who was doing penance in 'Rishyamooka' mountains and they prepared to wage war and kill him. At the same time, pleased with the penance of the demon, Lord Shiva also goes to Rishyamooka. In the meantime, Devathas pray to Goddess Mahalakshmi who was in Kolapur to do something before Lord Shiva grants boon to the demon. Then Goddess Mahalakshmi makes him dumb so that he is not able to express his wish. When Lord Shiva asks him to utter his wish, he is unable to do so and the demon comes to know of the cheat these devathas had done for him.
He comes to fight against Mother Goddess. Now that her son has come to her place to fight against her, she also had to fight and kill him and gives him 'Moksha' also. Since she made the demon 'mooka' (dumb) She came to be called 'Mookambika'. Those who possess 'tamasik' qualities pray to this Goddess Mookambika, the 'vak' ashuddhi, (impurity of speech, i.e uttering bad/slang language, and abusing others) will get destroyed. That is why the presence of this Sri Yantra in Kolapuri is specially auspicious and those who worship this Sri Yantra will be bestowed with all auspices and prosperity.

Source : http://www.dattapeetham.com/india/talks/Nvtri10.14.96.html