Option 1 states that the Dutch East India Company was formed after the formation of the British East India Company. This statement is incorrect. The Dutch East India Company, also known as the VOC (Vereenigde Oost-Indische Compagnie), was actually formed earlier than the British East India Company. The VOC was founded in 1602, whereas the British East India Company was established in 1600. Therefore, option 1 is incorrect.

Option 2 states that Vasco da Gama reached Calicut in 1498. This statement is correct. Vasco da Gama, a Portuguese explorer, did indeed reach Calicut, which is now known as Kozhikode, in 1498. This event is considered significant because it opened up the sea route from Europe to India, and is seen as a major milestone in European exploration and trade with Asia.

Therefore, the correct answer is option 3 - Both 1 and 2. However, it is important to note that option 1 is incorrect, while option 2 is correct.