In plain words
The poet, to the Lord: You resolved that those who go through [the sacred texts] and still do not know you should fall again and again into the four kinds of birth [gods, humans, animals and plants]; you took away the moon's curse; and to free the elephant from the grip of the great crocodile that had come to lie in the pool [by a curse], you resolved to loose the discus, resolving too that both would leave their former state and both would find release [from the curse, and in Śrīvaikuṇṭham].