The Charter Act of 1793 had reserved all posts worth 500 pounds per annum for the covenanted servants of the Company. The reasons for exclusion of Indians were

1. The belief that only the English could establish administrative services serving British interests.

2. The belief that the Indians were incapable, untrustworthy and insensitive to the British interests.

3. The fact there was high competition among the Europeans themselves for lucrative posts, so why offer them to the Indians.

Which of the above statements is/are correct?