The colossal loan of £1.4 million* that the Company needed in order to stave off its looming bankruptcy would be agreed to. But, in return, the Company agreed to subject itself to a Regulating Act, defined by Lord North’s India Bill of June 1773, which would bring the EIC under greater parliamentary scrutiny. Parliament would also get to appoint a Governor General who would now oversee not just the Bengal Presidency but those of Madras and Bombay as well.
