East India Company
Despite stiff resistance from the East India lobby in parliament and from the Company's shareholders, the Act passed. It introduced substantial governmental control and allowed British India to be formally under the control of the Crown, but leased back to the Company at PS40,000 for two years. Under the Act's most important provision, a governing Council composed of five members was created in Calcutta. The three members nominated by Parliament and representing the Government's interest could, and invariably would, outvote the two Company members. The Council was headed by Warren Hastings, the incumbent Governor, who became the first Governor-General of Bengal, with an ill-defined authority over the Bombay and Madras Presidencies. His nomination, made by the Court of Directors, would in future be subject to the approval of a Council of Four appointed by the Crown. Initially, the Council consisted of Lt. General Sir John Clavering, The Honourable Sir George Monson, Sir Richard Barwell, and Sir Philip Francis.
EIC was leased back the land they held in British India by what part of the British goverment?
Parliament
The three members nominated by Parliament and representing the Government's interest could, and invariably would, outvote the two Company members.
British India