The "Hind Mazdoor Sabha" was a trade union organization in India, established in 1948. Going through each option -
Option 1, Krishlum Pillai, E.M.S. Namboodiripad and K.C. George were noted figures in Indian political and social circles, but they were not the founders of the Hind Mazdoor Sabha.
Option 2, Comprising of Jayaprakash Narayan, Deen Dayal Upadhyay and M.N. Roy, who were important figures in Indian politics, yet none of them were associated with the founding of the Hind Mazdoor Sabha.
Option 3`s named individuals P. Ramaswamylyer, K. Kamaraj, and Veeresalingam Pantulu, although significant in their respective fields, have no direct connection with the formation of the Hind Mazdoor Sabha.
The correct answer is option 4. The Hind Mazdoor Sabha was founded by Ashok Mehta, T.S. Ramanulam, and G.G. Mehta. They were trade union leaders who played a pivotal role in establishing this organization aiming to advocate and improve the rights and conditions of the working class in India.