Option 1 states that the Speaker of Lok Sabha can call a joint sitting of both the Houses of Parliament to pass the Constitution Amendment Bill. This statement is not correct. In a joint sitting, both the Houses come together to vote on a particular matter. However, in the case of a Constitution Amendment Bill, a joint sitting is not allowed. According to Article 368 of the Indian Constitution, which deals with the amendment of the Constitution, a Constitution Amendment Bill needs to be passed separately by each House of Parliament.

Therefore, option 1 is not correct because the Speaker of Lok Sabha does not have the power to call a joint sitting for the passage of a Constitution Amendment Bill. The other options are correct. Option 2 states that each House needs to pass the Bill separately by a prescribed special majority, which is true. Option 3 states that the Bill can be introduced in either House of Parliament, which is also true. Option 4 states that the Bill can be sponsored by a private member, which is also true.