With reference to the Committee on Public Undertakings, consider the following statements: 1. It was established in 1964 based on the recommendations of the Krishna Menon Committee. 2. It consists of 22 members, with 15 members from the Lok Sabha and 7 members from the Rajya Sabha. Which of the statements given above is/are correct?

Explanation

Statement 1 is correct: The Committee on Public Undertakings was set up in 1964 on the recommendation of the Krishna Menon Committee. Statement 2 is correct: The committee consists of 22 members, of which 15 are from the Lok Sabha (Lower House) and 7 are from the Rajya Sabha (Upper House). Its function is to examine the reports and accounts of public undertakings and to examine the reports of the Comptroller and Auditor General (CAG) on public undertakings.