Dhaka, Feb. 27 -- The East India Company, once the powerful British trading firm that ruled large parts of India, has shut down for a second time after its modern incarnation entered liquidation.

The original company, which played a central role in British colonial expansion in India, ceased to exist in the 19th century. It was revived in 2010 when British-Indian entrepreneur Sanjiv Mehta acquired the rights to the historic name and relaunched it as a luxury retail brand in London.

According to India Today, the modern East India Company Limited entered creditors' voluntary liquidation after accumulating debts of more than £950,000.

The Sunday Times reported that the company owed over £600,000 to its parent group registered in...