This allowed any English firm to trade with India, unless specifically prohibited by act of parliament, thereby annulling the charter that had been in force for almost 100 years. By an act that was passed in 1698, a new "parallel" East India Company (officially titled the English Company Trading to the East Indies) was floated under a state-backed indemnity of £2 million. The powerful stockholders of the old company quickly subscribed a sum of £315,000 in the new concern, and dominated the new body. The two companies wrestled with each other for some time, both in England and in India, for a dominant share of the trade. COUNT 5
QSN1 enlish firms were allow to trade with  India unless? ANS1 prohibited by act of parliament QSN2 what was the name of the  second East india company that ended up runnig parallel to the first? ANS2 English Company Trading to the East Indies QSN3 The two parallel East India company  had a power stuggle in both  England and? ANS3 India QSN4 In what  year was the Act passed the made a parallel East India company? ANS4 1698 QSN5 The stock holder of the Original East India  company rasied how much money  to  try and deal with the parallel East India Company? ANS5 £315,000