Fifty Four Masters Mariners serving in Indian ports, Government, Shipping companies and ships at sea, founded the Company of Master Mariners in 1956 on similar lines and with similar aims and objects as the Hon. Company of Master Mariner of United Kingdom.

The memorandum and articles of association were prepared and approved on 8th August 1957 by the founder members.

The Company was registered under the Company's Act 1956 on 23rd August 1957.

The memorandum and article were thereafter amended (a) to increase fees
(b) to increase the membership and
(c) to grant option and regulate life membership.

Major amendments to the memorandum and articles of association were first considered by a two member committee of Capt. N. N. Bhansali and Capt. Dhyan Mangat in 1985/86. The AGM in 1986 directed that The Court should consider the amendments and report. After active consideration the amendments were considered at the Extra Ordinary General Body Meeting held on 1st August 1987 and after a very detailed discussion and consideration were approved. The Company law board approved the amendments vide their letter No. 16 (25) (8) 2/88/2541 dated 29th April 1988 and the Extra Ordinary General Body Meeting held on 5th May 1988 adopted the same.

The approved amendments can be seen here. They were duly registered on 17th May 1988 and came into force with effect from 1st January 1989.