Chennai,  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.

Palaniswami said that the AIADMK would fight 'tooth and nail' against the DMK's decision to take control of the societies that are functioning smoothly giving dividends and profits to the society's members.

However, DMK cadres are upbeat that they could get administrative control of these cooperative societies once the elections are announced as at present nearly all of them are ruled by the AIADMK.

Periyaswami told IANS: "The AIADMK is simply creating a bogey. The Cooperative Act of 1983 was amended four times in the past and the present government had taken this decision after complaints of massive corruption and misappropriation had come to the fore from across the state. To streamline the functioning of these cooperative societies and to increase accountability such a decision is taken."