The correct answer is option 4, which states that such a law will fall under the purview of Article 368.

Option 1 is correct. The Parliament has the power to form new states and alter the boundaries or names of existing states through legislation. This power is derived from Article 3 of the Indian Constitution.

Option 2 is correct. A bill related to the formation of new states or alteration of existing states can only be introduced in Parliament if it is recommended by the President. This recommendation is necessary as per Article 3 of the Constitution.

Option 3 is correct. In certain cases, the President may refer the bill to the Legislature of the affected state for their opinion. This is done to ensure that the views and concerns of the affected state are taken into account before making any changes to its boundaries or formation.

Alert - correct answer should be: There is no issue with option 4. It correctly states that such a law falls under the purview of Article 368 which deals with the amendment of the Constitution. This is because any changes to the boundaries or formation of states require a constitutional amendment as per Article 3.