After more than 160 years, the East India Company has closed its doors forever for the second time. The first time the Company was abolished was after the Indian Rebellion of 1857, when its rule in India ended. This time it has closed quietly. The company, which was relaunched as a luxury retail brand in London, has now gone into liquidation.
Who was the current owner of the East India Company?
In the early 2000s, Indian businessman Sanjiv Mehta bought the rights of the East India Company from some shareholders. In 2010, he relaunched it as a luxury food and drink brand in London. A 2,000 square feet store was opened in the Mayfair area, where tea, sweets and expensive premium products were sold, which were very similar to stores like Fortnum & Mason.
Mehta said that he wanted to bring back a part of history for India by restarting this brand. He told The Guardian in 2017 that now with an Indian becoming the owner, the negative history has changed into a positive one. According to him, the old East India Company was aggressive, while the new company was based on compassion and positive thinking.
Why did the company close down?
According to the company’s official records, liquidators were appointed in October last year. The company owed more than £6 million to its parent company. Apart from this, there were also approximately £1.93 lakh tax and £1.63 lakh employee dues. Many other companies associated with the name East India have also been closed. The company’s website is no longer functional and its store in Mayfair is lying vacant.
Who is Sanjeev Mehta?
Sanjiv Mehta, born in a Gujarati family of Mumbai, tried to give a new look to the East India Company by buying it after almost a century. His grandfather Gafurchand Mehta used to do diamond business in Belgium in the 1920s. After studying in Mumbai, Mehta took training at the Gemological Institute of America and later joined the family’s diamond business. In 1989 he moved to London and later became active in international business.
symbolic end of history
In its heyday, the original East India Company changed the course of global trade, but at a cost in the form of huge human losses. The Company had control over large parts of India and a private army of about 2.5 lakh soldiers. He was also accused of serious allegations like corruption, slave trade and increasing the terrible famines in India.
After the rebellion of 1857, the British Crown ended the company’s rule. Now it has also come to an end in its modern form, which is being considered as the closing of a symbolic chapter in the business history of Britain and India.