The correct option is (c).
Explanation
The Regulating Act of 1773 was the first strategic measure taken by the British Parliament to control and regulate the affairs of the East India Company in India. It laid the foundation for central administration in the country.
Statement-wise Analysis:
- Statement 1 is Incorrect: The Act provided for the establishment of a Supreme Court at Calcutta (1774), comprising one Chief Justice and three other judges. It was not established at Madras.
- Statement 2 is Correct: The Act designated the Governor of Bengal as the 'Governor-General of Bengal' and created an Executive Council of four members to assist him. Lord Warren Hastings was the first person to hold this designation.
- Statement 3 is Correct: The Act strictly prohibited the servants of the Company from engaging in any private trade or accepting presents or bribes from the natives, aiming to curb the rampant corruption within the Company's administration.
Key Takeaway: The Regulating Act of 1773 marked the beginning of parliamentary control over the Company and initiated the centralization of power by subordinating the presidencies of Bombay and Madras to the Governor-General of Bengal.