The Tamil Nadu state assembly passed a bill to reduce the terms of the board of directors of cooperative societies from five years to three years, reports media outlets.
It is said the amended bill helps the ruling DMK wrest control of cooperative societies through fresh elections, as well as through putting their own people in important positions in societies.
However, the opposition AIADMK opposed the move and staged a walkout from the house.
The govt says, most of the cooperative societies are subject to accusations of misappropriation of funds, issue of loans on fake jewels and issue of bogus loans worth several crores of rupees, etc.
