Challenge: The Eastern British Empire

Would it be possible for British India to break away at some point and form a separate empire but still ruled by a small minority of India born Englishmen? Perhaps the senior partners of the English East India Company declares independence?
 
Maybe if Napoleon invades Britain after a crushing victory at Trafalgar, capturing the royal family before they can flee? Once he places someone on the throne as a puppet, the rest of the empire probably will not recognize them. So maybe the Company would then declare independence from Britain?

It would be cool to get the Company to wind up liberating Britain from the Napoleonic empire some time in the 19th century ITTL...:cool:
 
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