The East India Company disbands the 34th Regiment of Bengal Native Infantry whose sepoy Mangal Pandey had earlier revolted against the British in the lead up to the War of Indian Independence.

The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies, and later with East Asia. The company gained control of large parts of the Indian subcontinent and Hong Kong. At its peak, the company was the largest corporation in the world by various measures and had its own armed forces in the form of the company's three presidency armies, totalling about 260,000 soldiers, twice the size of the British Army at certain times.

The regiments of Bengal Native Infantry, alongside the regiments of Bengal European Infantry, were the regular infantry components of the East India Company's Bengal Army from the raising of the first Native battalion in 1757 to the passing into law of the Government of India Act 1858. At this latter point control of the East India Company's Bengal Presidency passed to the British Government. The first locally recruited battalion was raised by the East India Company in 1757 and by the start of 1857 there were 74 regiments of Bengal Native Infantry in the Bengal Army. Following the Mutiny the Presidency armies came under the direct control of the United Kingdom Government and there was a widespread reorganisation of the Bengal Army that saw the Bengal Native Infantry regiments reduced to 45.

A sepoy was the designation given to an Indian infantryman armed with a musket in the armies of the the Mughal Empire and the British East India Company.

Mangal Pandey was an Indian soldier who played a key role in the events that led to the Indian Rebellion of 1857, which resulted in the dissolution of the East India Company and the beginning of the British Raj through the Government of India Act 1858. He was a sepoy in the 34th Regiment of the Bengal Native Infantry. In 1984, the Republic of India issued a postage stamp in his memory. His life and actions have also been portrayed in several Indian cinematic productions.