Section 14(4) in The Merchant Shipping (Registration of Indian Fishing Boats) Rules, 1988
(4)Where an Indian fishing boat belonging to a company or a cooperative society is mortgaged, the registrar shall not register the mortgage unless it has also been registered with the Registrar of Companies under section 134 of the Companies Act, 1956 (1 of 1956) or, as the case may be, with the registrar of co-operative societies 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.
