Its based on one of the key events in the history of the british empire, This hand-coloured engraving depicts a woman, possibly Queen Charlotte, reading a book inscribed 'The State of India'. 

She sits in front of a cupboard stacked with bags of money. Warren Hastings, on the right, stands transfixed in horror at the apparition of Chait Singh, the Bhumihar king of Benares Kingdom, who was one of the first ones in India to have rebelled against the East India Company in 1781.

The cheyt rebellion of 1781 (named after the Bhumihar Maharaja himself) was one of the key events in the history of the British Raj. Earlier, Cheyt Singh's Kingdom of purvanchal was a tributary state under EIC but when met with unreasonable conditions by Warren Hastings, He arrested Hastings and arrested/killed his troops in the royal court as he found it very demeaning for a person to dishonour the Bhumihar royal court.

But didn't kill him because of one of his minister's advice.

Hastings escaped really embarrassed (allegedly disguising himself in a women's dressing).

Hastings came back with a much bigger army, and arrested the Bhumihar king himself. But when the news spreaded in the kingdom, the people were enraged as they consider the Bhumihar rulers as the avatars of their Lord shiva. The public came to the rescue of their Maharaja by massacring the company's soldiers and finally rescued the Maharaja.

However the effects of the rebellion were found throughout the whole neighboring regions of Bengal and united provinces as many Bhumihar and Muslim Landlords/zamindars supported the Bhumihar king and made it nearly impossible for the company to collect revenue. 

Famous Painting- The cheyt Singh's ghost