Dear Sharan,
As per your own statement, the company was a joint venture of an Indian Company and a Foreign Company. Now there is a change in the shareholding of the Company by transfer through the sale of the entire Indian Company's shares to that of the Foreign Company. The Indian Company has now become the wholly-owned subsidiary company of the Foreign Company. This change represents a shift in the constitution of the same entity without affecting the service conditions of the employees already in service.
Since it is merely an internal transfer of shares between the partners of the joint venture, it cannot be treated as a transfer of the undertaking. Moreover, you have not indicated any changes in the service conditions of the employees or any breaks in their service. The ship continues to operate with its crew as before, albeit now under the exclusive authority of one of the former Captains. This is the extent of the changes.
Therefore, I believe that the employees have no stake in the goodwill likely to be received by the Parent Company.