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Correct Option is 1 and 2

Regulating Act of 1773 was of great constitutional importance as it was the first step taken by the British Government to control and regulate the affairs of the East India Company in India. It recognised for the first time, the political and administrative functions of the Company and it laid the foundation of central administration in India. It designated the Governor of Bengal as the Governor-General of Bengal and first, such Governor-General was Lord Warren Hastings. Hence statement 1 and 2 is correct.

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