So even accepting your argument at face value (for the purposes of this argument), the British government has no blame for a company consisting of its citizens and based in it's capital starting wars for two centuries with military support from said government?
I might blame the monarch (Elizabeth I) for handing them the monopoly of some then unknown far flung region or spice trade at their inception in 1600. The first attempt at regulation was 1773, which would turn out to be the first of many prior to their enforced dissolution. As that Act recognised the already existing political aspects of the company, that's where I do indeed start to blame the government. They weren't conducting wars for 2 centuries with support of government, but quite independently of government until those first attempts at restriction. It still gets to be part of British history, so we can't disown it, if you follow me.
The history is incredibly complex, worthy of many books, but for the period of roughly 1600-1800 the EIC was closer to the independent Nassau privateers turned pirate than to a regulated, and at least somewhat controlled, London plc. At some point early in their existence they remodelled themselves on the VOC (Dutch EIC) model to become more state-like as the VOC was so successful. The VOC was more independent nation state until the very late 18th century too.
They both fielded armies and navies independently and distinct from Britain or the Netherlands, made and enforced treaties in their own, not national, interests, had their own systems of justice etc. Being amongst the very first stock based institutions there were no systems of oversight and control. Stocks were still traded in coffee and tea shops, despite the recently established Royal Exchange - where stockbrokers weren't allowed. It was one of those coffee shops that would eventually became the London Stock Exchange. Any regulation came much later, and slowly, and ultimately led to the disestablishment of the EIC, and the wide range of corporate and stock law.
I might also blame government for not seeking to constrain the company earlier than they did... I can't really blame them for not regulating something that was new and unknown, just as in the current era bitcoin has seen regulation start to come long after its success. Or the talk of regulating Facebook, or no end of others...
