Chennai, Jan 8 (TIWN) The opposition AIADMK is planning protests across Tamil Nadu against the ruling DMK government for passing a bill to reduce the tenure of co-operative bank directors to three years from the present five years.

The AIADMK staged a walkout from the Assembly on Friday and Leader of Opposition K. Palaniswami said that this was a decision by the DMK to take control of the co-operative banks through fresh elections and that the AIADMK would oppose the move.  Sources in the AIADMK told IANS that the party’s high level committee after a meeting at its head office on Friday evening has decided to conduct protests across the state and will soon chalk out strategies keeping in mind the Covid-19 situation.  On Friday, I. Periyasamy, the state’s Minister for Cooperatives, moved the bill to amend the Tamil Nadu Cooperative Societies Act, 1983. 

The bill said that to improve the efficacy, protect the interests and streamline the functioning of the cooperative societies, the term of its directors was reduced from the present five years to three years.  It added that several complaints have been received from the people as well as the members of cooperative societies that huge misappropriation of funds was taking place in these societies and loans were provided with fake jewels as security.  The AIADMK said that the state government was in process of dissolving the co-operative societies that were functioning in a transparent manner.