Lala Lajpath Rai along with Madan Mohan Malavya founded the Nationalist Party
- This Act gave the British government the supreme control over Company’s affairs and its administration in India.
- Established dual system of governance.
- Court of directors consisting of 24 members to look after commercial functions.
- Board of control consisting of six parliamentary commissioners appointed to control civil, military and revenue affairs of India.
- Strength of Governor general in council reduced to 3.
- Subordinated the Bombay and Madras presidency to Bengal in all questions of war, diplomacy and revenues.
- First effective substitution of Parliamentary Control over East India Company.