Consider the following statements: 1. The Charter Act 1853 abolished East India Company's monopoly of Indian trade. 2. Under the Government of India Act, 1858, the British Parliament abolished the East India company altogether and undertook the responsibility of ruling India directly. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. The East India Company's monopoly of trade with India (except for tea and trade with China) was abolished by the Charter Act of 1813. The Charter Act 1833 ended the Company's monopoly on tea trade and trade with China as well, effectively ending its commercial activities. The Charter Act 1853 mainly dealt with the Company's political functions and governance structure, not trade monopoly abolition. 2. Statement 2 is correct. Following the Revolt of 1857, the Government of India Act, 1858, transferred the powers of government, territories, and revenues from the East India Company to the British Crown. The British Parliament abolished the East India Company's rule and assumed direct responsibility for ruling India. 3. Therefore, only statement 2 is correct.