In these circumstances, the outlines of the deal between the Company and Parliament soon became clear, and with it the new partnership with the state that would result. 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.
