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In case no party enjoys an absolute majority in the Legislative Assembly of a state, the Governor will go by his own discretion. This means that the Governor has the power to decide the course of action in such a scenario.
Option 1: The advice of the former Chief Minister is not applicable in this situation as the Chief Minister no longer holds power if no party has an absolute majority.
Option 2: The advice of the Prime Minister is also not applicable in this situation as the Prime Minister`s role is at the national level and does not directly influence the functioning of a state`s Legislative Assembly.
Option 3: The advice of the President of India is also not applicable in this situation as the President`s role is mainly ceremonial and does not involve direct involvement in the functioning of a state`s Legislative Assembly.
Therefore, the correct answer is option 4, that the Governor will go by his own discretion.