The correct answer is option 4, which states that the President, in consultation with the Election Commission, decides disputes regarding the disqualification of members of Parliament. The President plays a vital role in the disqualification process, as they have the authority to make the final decision after consulting with the Election Commission.

Option 1, which states that the Supreme Court decides such disputes, is incorrect. Though the Supreme Court has the power of judicial review and can interpret the constitutionality of laws, the disqualification of members of Parliament falls under the jurisdiction of the President and the Election Commission.

Option 2, which suggests that the Election Commission alone decides the disputes, is also incorrect. While the Election Commission plays a significant role in the electoral process, the final decision on the disqualification of members of Parliament rests with the President.

Option 3, which mentions that the Prime Minister, in consultation with the Election Commission, decides the disputes, is also incorrect. The Prime Minister does not have the authority to make such decisions independently.