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 [any] of the following descriptions applies:-

(a) a citizen of India; or

(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 [ Substituted by Act 68 of 1993, Section 2, for Clause (b) (w.r.e.f. 27.10.1993).]

(c) a co-operative society which is registered or deemed to be registered under the Co-operative Societies Act, 1912, or any other law relating to co-operative societies for the time being in force in any State.]