Big news has come out regarding the East India Company, which became the path to British colonization in India. The company has once again closed down. Recently was working in a luxury retail in London. This company was started in 2010 as a luxury food and drink retailer. According to The Sunday Times, the company has been declared bankrupt. Even before this, the East India Company had escaped bankruptcy once.
The world’s first multinational corporation
In the year 1857, the East India Company is said to be the world’s first multinational corporation. The rebellion ended in 1857. Then the British Crown merged the company into itself. His personal army was destroyed.
Indian entrepreneur had started the company again
This company was started again in the year 2010 by Indian entrepreneur Sanjeev Mehta. The rights of this company were purchased in the early 2000s. So that it can be started again as a wholesale venture. In 2010, Mehta opened a store of 2 thousand square feet size in Mayfair. It offered confectionery and premium goods like Fortnum & Mason.
The company owed six lakh pounds
Companies House filings revealed that East India Company Limited had appointed liquidators in October last year. This firm owed 6 lakh pounds to its parent company. Its tax liability was approximately 1,93,789 pounds. The total amount owed to employees was £163,105. Bankruptcy is the end time for the East India Company. The brand’s website is no longer active. The old store at 97 New Brand Street is also vacant.
