Lala Lajpath Rai along with Madan Mohan Malavya founded the Nationalist Party
- First attempt by the British Parliament to regulate the affairs of the Company.
- End of dual government.
- Provided for centralisation of Administration of Company’s territories in India.
- Governor of Bengal became Governor General for all British territories in India.
- Governor General and council of 4 members appointed for Bengal.
- Bombay and Madras presidency subordinated to Bengal presidency.
- Supreme court to be set up at Calcutta.