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The question is asking us to identify the pair that is not correctly matched. Let`s analyze each option:
Option 1: Pawan Munjal and Hero Honda Motors - this is a correct match. Pawan Munjal is the Chairman and CEO of Hero MotoCorp, formerly known as Hero Honda Motors.
Option 2: Venu Srinivasan and TVS Motors - this is also a correct match. Venu Srinivasan is the Chairman and Managing Director of TVS Motor Company.
Option 3: Deepak Parekh and Tata Steel - this is the pair that is not correctly matched. Deepak Parekh is an Indian banker and the Chairman of Housing Development Finance Corporation (HDFC), not Tata Steel.
Option 4: K.V. Kamath and ICICI Bank - this is a correct match. K.V. Kamath is an Indian banker and the former Chairman of ICICI Bank.
Therefore, the correct answer is option 3 - Deepak Parekh and Tata Steel. Alert - correct answer should be Deepak Parekh and HDFC, not Tata Steel.