The East India Company was established on 31 December 1600 by a Charter given by Queen Elizabeth to George Earl of Cumberland and 215 others, jointly conferring on it exclusive trading between the Cape of Good Hope and the straits of Magellan. It was empowered to make laws for running the company and its affairs. In 1661, the Port and Island of Bombay was ceded to King Charles II, as part of the dowry of the Infanta D. Catherina of Portugal. Charles, in turn, assigned them to the Company to be held of the Crown for thr annual rent of 10£. For long, Bombay remained the only part of India that was under British sovereignty. The company initially owned factories on the west coast, spreading to the east coast and much later to Bengal.
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