The correct option is "2 only," as it accurately reflects the political scenario of the 1991 Lok Sabha election when Shri Devi Lal contested from three constituencies. In India, while there is no legal restriction on contesting from multiple constituencies in the same election, the Election Commission has provisions to address the financial implications of a candidate winning multiple seats, such as the requirement for the party to cover the costs of bye-elections for the vacated constituencies. However, the first statement is misleading as it implies an absence of restrictions, failing to mention practical implications or political precedents that discourage such multi-contest practices. Therefore, the uniqueness of Devi Lal's candidacy illustrates a particular event rather than a normative practice in Indian electoral politics, making the second statement the only correct one.