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Created by : Tarun Mishra, Equity Dealer, Religare Securtites Limited  | 02 16 2010 09:30:32 +0000
Functional Area : India(Markets)
Activity:  945 views;  last activity : 07 06 2010 20:18:09 +0000

East India Company (also the East India Trading CompanyEnglish East India Company,and then the British East India Company ) was an early English Joint Stock Company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian Subcontinent and China.The EIC traded mainly in cotton, silk, indigo, dye, saltpeter, tea, and opium. However, it also came to rule large swathes of India, exercising military power and assuming administrative functions, to the exclusion, gradually, of its commercial pursuits. Company rule in India, which effectively began in 1757 after the Battle of Plassey, lasted until 1858, when, following the events of the Indian Rebellion of 1857,and under the Govt. of India Act 1858, the British Crown assumed direct administration of India in the new British Raj. The Company itself was finally dissolved on 1 January 1874, as a result of the East India Stock Dividend Redemption Act.

In 2005, Sanjiv Mehta, an Indian businessman(born in Mumbai) bought East India Company from the "30 to 40 people" who owned the shares of East India Company. Starting with Mayfair in Central London, Mr. Mehta plans to launch several stores around the world for selling luxury goods under the East India Company brand.

Now Mehta, is planning to relaunch EIC all over the world with $15 million investment.So if he brings back EIC to India, what do you think its a matter of proud for us as EIC enslaved and exploited India for 200 years and now an Indian is owing it??

 
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It is a wonderful feeling that, at last, an Indian owns a company that was belonging to the Queen of England. It is an historical achievement. As an Indian, I am feeling so proud. These days when I hear the triumphant and jubiliant wins won by our Indians on the global arena, my heart pounds inside me, and says, we are no more a slave nation. In fact, the slaves are becoming Masters.


By Yash Singh, Coresspondent, Star  02 17 2010 06:46:37 +0000
 
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It is a pleasantly amusing development. We need not see greater things from it e.g. as if we are now paying back the englishmen in their own coin/ or that this is a just retribution or revenge for all that the East india company did to India (or more correctly, to the conglomerate of individual fiefdoms populating the Indian subcontinent at that time).

East India Company made money out of Indians at that time, and now Mr. Mehta will make money out of Indians and non-Indians by using the name as a trade mark. Are Indians (those not related to Mr. Mehta) going to be materially benefitted by Mr. Mehta's commercial activities? I think not.

Having said that, the news did bring a smile to my face.

Ajit


By Ajit Limaye, Chief Executive - Qatar Operations (B,UI & E), L&T  02 17 2010 07:18:18 +0000
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and sir what u r doing same making money while working in qatar, all thing r around money but it is not not only money it bears name "East India Company"


By Ashish , Software Developer, ESL INdia  | 04 15 2010 05:55:34 +0000
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It makes feel good to me that an Indian now owns it.

It will be a matter of pride for me that this company can create milestones again but now not quashing people's heart; this time doing such unique things that can win hearts of millions of people of that country where it was born.

I think this reflects our culture perfectly & sends a perfect message.

Thanks for referral Tarun.


By ujjval jain, Retail, Retail  | 03 07 2010 09:34:29 +0000
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Resultant United India is result of activities of  East India Co. and Queen's raj. Apart from this, we took over the Company is win over British I see. Now who win the ownership of which company is difficult to say in changing global equations. Right now I am happy. Next generation has nothing to do with nostalgia that relates our history.


By Arvind Dorwat, Business Development Executive, Wordsmith Communications, Pune  | 02 17 2010 09:07:22 +0000
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One forgets that history moves in circles - where south Indians kings once ruled Arabia, Indians are now "cheap labour" for Arab owned companies. The sane with the UK and the East India Company - where the British were once masters - their economy is being taken over by former subjects and not only by Indians but also South Africans, Chinese, Americans, Australians etc. Who knows what the next 100 years hold.
By Gary s Vermaak, Finance Executive and Senior Consultant , SD e'Africa Consulting  | 02 17 2010 07:37:38 +0000
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Congratulate the Indian on our behalf.


By Ravindra Sharma, Managing Consultant, CHEF-India  | 02 17 2010 07:15:35 +0000
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As Mehta says "I have this huge feeling of redemption , this indescribable feeling of owning a company that once owned us". I think its a matters of proud for us as it shows the growing power and dominance of India in International Business. Though its totally business concern but still the feeling that an Indian is owing East India Company, is great. 

 


By Tarun Mishra, Equity Dealer, Religare Securtites Limited  | 02 16 2010 10:38:36 +0000
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There won't be nothing much to it except that a businessman is trying to give a vintage brand name to his business by putting up with some marketing budget. 


By Mathew Cherian, Research Associate/Analyst, Western Michigan University  | 03 07 2010 09:48:57 +0000
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Some times, History repeats itself - in reverse order as in this case.

Often we fell bad when hear "East India Company" and try to vision those mis-deeds of the British Company which entered East India ( the then Bengal-Bihar-Orissa) as a "trader" and ultimately turned to our Ruler.

We also visualize those acts of the draded Company by which they forced the farmers of Bengal to cultivate Indigo ( 'nil' )  further to be processed in England - they erected forts ( 'nil-kuthi') in the indigo farmlands to let down tortures on the cultivators. Again readers of history know how they used to cut the fingers of weavers of Bengal who were famous for weaving Dhaka Silk ( 'Dhakai-moslin') so that there looms in England could sell all second graded fabrics here in East India.

But, this time, it is the turn of India and Indians. The power, glamour and sheen of Great Britain is over ( perhaps gone the days of many more ). It is a pleasure - a joy for us. An Indian is the owner of East India Company. This new "avtar" may spread all goodwill messages in the globe - business in "Ethical Way" / Indian way . After all we are an old civilisation .. !!

 


By ASOKE KUSARI, Domestic Private Banking-Executive/Manager, A large leading PSU Bank - India  | 02 18 2010 14:37:25 +0000
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As I articulate this, I am trying to remember my History class in school. Generations of Indians- people who sat in History classes before and after me- had one thing common drummed into their Psyche,individual or collective. EIC came and enslaved us and subjected us to the most inhuman oppression making us stand up albeit sporadically to begin with and culminating in a organised Nationalism. Of course i do concede much water passed between Battle of Plassey and Simon Commission. But EIC always symbolised in our collective histories as something of a catalyst that defined us as Indians and as a Nation. The very fact that some of us are celebrating a sense of poetic justice and others like me opining to the contrary only suggests how deeply the word EIC is rooted in our psyche. In these times when we talk about of end of History, and debate identities that transgress Nationalisms, EIC as a label still remains as a troublesome family heirloom that only conjures bitter images. The Paradox is you try to over come it, your essential identity as an Indian haunts you to a dilemma. If you live  it with an animosity you find yourself redundant in post- modern global identitarianisms. perhaps Nations have to live with this dilemma. Tea-party Nation to EIC acquisition, History always repeats itself  in Redefining identities into newer dilemmas.


By avaneendra mudigonda, Advocate,  | 02 17 2010 19:46:46 +0000
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An Indian buying EIC is simply put amazing!! Need to ask Mr. mehta why he did what he did???

The reason, to sell luxury goods in India!! How smart is that?? He is getting the company that exploited our systems to rule us. He is paying them to get in in India (not really proud of it, but amused by it) and then using it to sell luxury goods where Indians do not even in actual contribute more than 0.05% of the global sale of luxury goods!! Thats not enterprising or even smart!!

Amusing but not enterprising!! Thanks for the referral :)


By Makrand Bhave, Marketing & MICE, WIZCRAFT International  | 02 17 2010 13:03:14 +0000
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As mentioned, it is amusing at best. Curiosity value.

The point is how many people connect this EIC with that EIC. People who were in India under the EIC are no longer alive. Remember UK government took over India as part of the Empire from EIC before 1890!

So as i said historical curiosity at best!


By RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 02 17 2010 09:38:35 +0000
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