Madhav Rao, fourth Peshwa of the Maratha empire. Born in 1745, ruled as Peshwa from 1761 and died young in 1772.
Another version of this composition is illustrated in an article by J. Appasamy, Glass Paintings of Maharasthra's in Shivaji and Facets of Maratha Culture, ed. Saryu Doshi, Marg Publications, Bombay, 1982, pp. 157 - 162, fig.5.