For the purposes of this Act, a ship shall not be deemed to be an Indian ship unless owned wholly by persons to each of whom 2[any] of the following descriptions applies:―
(a)a citizen of India; or
1[(b) a company or a body established by or under any Central or State Act which has its principal place of business in India; or
(c)a co-operative society which is registered or deemed to be registered under the Co- operative Societies Act, 1912 (2 of 1912), or any other law relating to co-operative societies for the time being in force in any State.]