Power to notify the proportion of ownership for Indian vessels

Power to notify the proportion of ownership for Indian vessels to be held by the categories of persons mentioned in section 15 1

The Gazette of India

CG-DL-E-12112026-277863

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. ] NEW DELHI, MONDAY, NOVEMBER KARTIKA

MINISTRY OF PORTS, SHIPPING AND WATERWAYS

NOTIFICATION

New Delhi, the 9th November 2926

S.O. (E).— In exercise of the powers conferred by sub-section

(1) of section 15 of the Merchant Shipping Act, 2025 (24 of 2025), the Central Government hereby notifies that a vessel shall qualify to be an Indian vessel if a majority interest in the vessel is owned by one or more of the following persons, namely: –

(a) a citizen of India including a Non-Resident Indian or an Overseas Citizen of India;

(b) a company or a body established by or under any Central Act or State Act having its registered office or principal place of business in India;

(c) a co-operative society registered or deemed to be registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force relating to co-operative societies in any State, having its registered office or principal place of business in India;

(d) a multi-State co-operative society registered or deemed to be registered under the Multi-State Co-operative Societies Act, 2002 (39 of 2002), having its registered office or principal place of business in India;

(e) a Limited Liability Partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009), having its registered office or principal place of business in India:

Provided that where the majority interest in a vessel is owned by a Non-Resident Indian or an Overseas Citizen of India, registration of such vessel shall be permitted subject to appointment of an authorised epresentative who shall be an Indian citizen resident in India, or a body corporate incorporated in India and having its registered office or principal place of business in India.

Explanation – For the purposes of this notification “majority interest” means when the legal title to more than one-half of the shares into which the property in the vessel is divided, is owned by one or more persons specified in clauses (a) to (e).

Power to notify the proportion of ownership for Indian vessels to be held by the categories of persons mentioned in section 15 1

Power to notify the proportion of ownership for Indian vessels to be held by the categories of persons mentioned in section 15 1

The Gazette of India

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