Article 231 of the Constitution of India indeed grants power to establish a common High Court for two or more states. However, the correct authority that has this power is the Parliament, not any of the other options.

The Parliament of India is the supreme legislative body in the country and has the power to make laws on subjects listed in the Union List, Concurrent List, and Residuary List. In this case, the power to establish a common High Court for two or more states falls under the Union List.

The Supreme Court, on the other hand, is the highest court of appeal in India and has the power of judicial review over the actions of the executive and the legislature. It does not have the power to establish High Courts.

The President of India is the ceremonial head of state and does not possess any power to establish High Courts.

Similarly, the Union Cabinet, which consists of the Prime Minister and other ministers, is responsible for formulating policies and making decisions on various matters. It does not have the power to establish High Courts.

Therefore, the correct answer is option 1, the Parliament.