The Poona Pact (1932) was an agreement that took place between Mahatma Gandhi and Dr. B. R. Ambedkar. The agreement was reached to resolve issues related to the political representation of the Dalit community in India. Option 1, which suggests that the agreement was between Nehru and Ambedkar, is incorrect. Option 3, which attributes the agreement to Malaviya and Ambedkar, is also incorrect. Option 4, which suggests that the agreement was between Gandhi and Nehru, is not accurate either. The Poona Pact is significant because it granted separate electorates for the Dalit community, with reserved seats in provincial legislative councils. This was a compromise made by Gandhi, who was against the implementation of separate electorates but wanted to ensure fair representation for the Dalits.