Maratha Confederacy was controlled by ------
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The effective control of the peshwas ended with the great defeat of Panipat (1761) at the hands of the Afghans and the death of the young peshwa Madhav Rao I in 1772. Thereafter the Maratha state was a confederacy of five chiefs under the nominal leadership of the peshwa at Poona (now Pune ) in western India.
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—Sindhia, Holkar, Bhonsle, and Gaekwar
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