Socio Economic Action Trust (SEAT) is initiated by VVD. VVD initiated microfinance activities under the Caption ” Poor women Talent Search Credit Program” in the year 2007. The microfinance operation of VVD does not have a separate institutional form, however, the microfinance program has a dedicated board and staff members for the governance and administration of the microfinance program respectively. Also, the microfinance program known as VVD-MF maintains separate accounts and financial reporting for its program reflecting clarity in program focus and its further development.
The Executive committee of VVD made a resolution for separate registration of VVD-MF programme for scaling up the operation. Accordingly and application to the Sub-registrar for registration in the name of SEAT was made. The trust deed was signed by both Executive committee of VVD & Board of Trustees in the presence of the Sub- Registrar on 11th Aug. 2015.
Since the VVD (MF) have been preparing and obtaining the necessary documents and in want of all those legal related documents couldn’t spin off as planned. As SEAT has acquired all the necessary legal characteristics and the change of legal entity become a necessity decided to complete the formalization on 30th Sept. 2019. Accordingly final agreement was signed between VVD & Seat on 1st Oct. 2019. Henceforth all the required liabilities & Assets of VVD/VF transfer to SEAT officially.
