Q. Which among the following event led the British government of Lord North to undertake a legislation to meet the situation and provide some form of legal government for the Indian possessions of the East India Company, which resulted in Regulating Act of 1773?
Answer: East India Company had become almost insolvent
Notes: In 1773, the company became almost insolvent and forced to apply to the British Government for a loan of One Million Pound Sterling. This led to the British government of Lord North to undertake a legislation to meet the situation and provide some form of legal government for the Indian possessions of the East India Company, which resulted in Regulating Act of 1773
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