'Panneerselvam writing to banks will not affect AIADMK'

Tamil Nadu's caretaker Chief Minister O.Panneerselvam's writing to the banks to not allow transactions without his authorisation may not have any practical impact on the AIADMK, said a senior party leader on Thursday.

"Panneerselvam may be moving legally against his dismissal as treasurer, but it may not impact the operations of the AIADMK even if the banks in which the party has its accounts were to adopt wait and watch approach," he told IANS on conditions of anonymity.

He said there were other authorised persons to carry out banking transactions in the party.

According to reports, Panneerselvam has written to banks asking them not to allow any transactions without his authorisation as the party Treasurer.

Panneerselvam's contention is that an interim General Secretary (in reference to V.K. Sasikala) does not have the power to remove him from the party post.

Party officials have also agreed with Panneerselvam's contention.

On Wednesday, the AIADMK removed Panneerselvam as the party's Treasurer with immediate effect.

The dismissal came hours after Panneerselvam said on Tuesday he was coerced to resign as Chief Minister to pave the way for General Secretary V.K. Sasikala to occupy that position.

According to the party leader, only during elections the operation of bank accounts for the party becomes crucial as there is a cap on the individual candidates on the electioneering expenses.

"On other days the situation could be managed," he added.