Baji Rao II
Five British columns set out after Baji Rao II in full cry, slavering at the thought of the 'prize money' that lay at the end of the chase. After running for five months from one fort to another, awaiting the promised help from Scindias, Holkars, and Bhosles that did not come, Baji Rao II surrendered to Sir John Malcolm. Much to the chagrin of the Company's Governor-General Francis Rawdon-Hastings, 1st Marquess of Hastings (no relation to Warren Hastings, the first Governor-General of India), Malcolm was prepared to keep Baji Rao a lifelong prince, allow him to retain his personal fortune, and pay him an annual pension of £80,000 (£100,000 according to some sources) every year. In return, Baji Rao II would have to live in a place assigned by the British along with his retainers on the condition that he would never return to his homeland at Poona. He would also have to forsake all his claims to his heritage and could not style himself as Peshwa, but there was no objection to calling himself 'Maharaja'. The only reason why Francis Rawdon-Hastings ratified the treaty made by Malcolm was his conviction that Baji Rao II would not live long as he was already above 40 and many of his ancestors did not live much beyond that age.