Ministry of Shipping announces new norm from port project

Minsurty of Shipping has announced new norms under which security clearances granted to a company would be valid for three years.

Once security clearance is accorded to any company by the Ministry of Shipping, based on the inputs of relevant Ministries/Departments/Organisations with respect to any port project, such clearance in respect of the company will be valid for three years.

The government has also made it mandatory for the companies that during three years, they would have to inform the Shipping Ministry about any changes in the management control and more than 10 per cent change in the shareholding by any shareholder within two weeks.

If they fail to do so, the security clearance already accorded can be withdrawn.

The new norms will also apply to port projects being developed by coastal states as well as private ports.

Source: ET