
Foreign Principals employing Indian seafarers would contribute US dollars 10 per month per seafarer employed towards the fund to be used for the training activities.
As the International Maritime Legislation changes demanded more and more training for seafarers, the principals desire to play an active and indirect role in running of Fosma’s training initiative. A body known as FOSMA MARITIME INSTITUTE AND
RESEARCH ORGANIZATION was incorporated under the companies Act 19 56 (section 25 company).
On incorporation of FMIRO, the objectives amongst others was primarily to take over the entire management staff assets, liabilities of the existing trust
INES, and INES to be made defunct in accordance with applicable law.
