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By 1793, when the company's charter timed out the British parliament passed a new charter which authorized the company to carry on trade with the East Indies for next 20 years. The company was allowed to increase its dividend to 10%. The Act recognized the Company's political functions and clearly established that the " acquisition of sovereignty by the subjects of the Crown is on behalf of the Crown and not in its own right. " A provision in the Charter act of 1793 was made that the company, after paying the necessary expenses, interest, dividend, salaries, etc from the Indian Revenues will pay 5 Lakh British pounds annually out of the surplus revenue to the British Government. However, the act also had a provision, that Crown could order the application of the whole of the revenue for the purpose of defense if the circumstances posed such demands. Expenses, interest, dividend, salaries, etc were to be borne by the Indian Exchequer. In this act the ...

Regulating Act, 1773 It was the first attempt by the British Parliament to regulate the affairs of the East India Company Governor of Bengal became Governor General for all British territories in India Governor General had a Council of 4 members to assist him in administration Bombay and Madras Presidencies were subordinated to Bengal Presidency Supreme Court was set up at Calcutta having jurisdiction over British subjects Amending Act, 1781 Jurisdiction of the Supreme Court was defined Governor-General-in-Council was made the final court of appeal from provincial court. Pitt's India Act, 1784 East India Company's Court of Directors (consisting of 24 members) was left with the responsibilities of only commercial affairs of the company Board of Control consisting of 6 Parliamentary Commissioners was constituted to control civil, military and revenue affairs of East India Company in India. Court of Directors had to comply with the orders and directio...