Regulating act 1773 please explain
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The Regulating Act was passed due to the mismanagement by the British East India government that brought a situation of insolvency. This act permitted the company to retain its territorial custody in India but looked up to regulate the activities and functioning of the company.
It prohibited the servants of company from engaging in any private trade or accepting presents or bribes from the "natives". The Act elevated Governor of Bengal, Warren Hastings to Governor-General of Bengal and subsumed the presidencies of Madras and Bombay under Bengal's control
The key objectives of the Regulating Act of 1773 included – addressing the problem of management of company in India; address the problem of dual system of governance instituted by Lord Clive; to control the company, which had morphed from a business entity to a semi-sovereign political entity.
Regulating Act, (1773), legislation passed by the British Parliament for the regulation of the British East India Company's Indian territories, mainly in Bengal.
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