Option 1 is incorrect because Lok Adalats do have the jurisdiction to settle matters at both pre-litigative stage and also matters which are already pending in courts.

Option 2 is not correct due to the fact that Lok Adalats can deal with all kinds of cases, be it civil or criminal except non-compoundable offences, making this a false claim.

Option 3 is incorrect because while most Lok Adalats include serving or retired judicial officers, they also include other members who are usually social workers or eminent personalities in the field of law or public service, hence, making it incorrect that only judicial officers make up Lok Adalats.

Hence, since all the given options are incorrect, it makes Option 4, `None of the statements given above is correct`, the right answer.