Option 1 suggests that Lord Mountbatten was the Viceroy when the Simla Conference took place. However, this is incorrect. The Simla Conference occurred in June 1945, but Lord Mountbatten didn’t take over as the Viceroy of India until March 1947.

Option 2 states that the Indian Navy Revolt took place in 1946 when sailors in the Royal Indian Navy in Bombay and Karachi rose against the Government. This is correct. The revolt began on February 18, 1946, as a protest against discriminatory treatment, poor quality of food, and harsh working conditions. They demanded national independence and the release of INA and political prisoners.

Option 3 suggests both statements are true, which is incorrect because option 1 is not true.

Option 4 says that neither of the statements is correct; this is also untrue, as statement 2 is accurate.

So the correct answer is Option 2. This is because the first statement is incorrect while the second statement is correct, hence only the second statement stands to be true.