The V. K. Krishna Menon Foundation isn`t based in New Delhi, hence statement 1 is incorrect, eliminating option 1 and 3. The first recipient of the V. K. Krishna Menon Award was indeed the Chief Justice of India, K.G. Balakrishnan, making statement 2 correct. So, option 2 is correct, where only the 2nd statement is accurate. Furthermore, as neither statement is incorrect, it rules out option 4. Thus, it becomes clear that the correct answer is option 2, i.e., "2 only".