However, the East India Company's indefinite charter was, after all, issued through legal procedures, and they had always been profitable. It was neither morally nor legally justifiable to directly revoke their monopoly.
But this minor difficulty apparently did not deter the "heroes" who all wanted to seek fortunes in India.
In the spirit of "where there's a will, there's a way," everyone quickly came up with a sneaky workaround.
Although they couldn't cancel the East India Company's charter, Parliament could simply allow other companies to enter Indian trade, which would effectively end the East India Company's monopoly in the region, wouldn't it?
Not only that, but to prevent new entrants in India from being crushed by the East India Company's scale, Parliament itself entered the arena by legislating the creation of a new company named "British East India Company" to compete with the old East India Company.
