Company X is having place of business at US and filed initial application at USPTO and after six months…

Section 135(2) of the Patents Act, 1970 allows a single convention application in India for inventions that are cognate or one of which is a modification of another, where protection was applied for in one or more convention countries, if made "within twelve months from the date of the earliest of the said applications". Company X filed in India within twelve months of the earlier US application, so it may claim priority from both the US and the Japanese applications (multiple priorities are also allowed by Article 4F of the Paris Convention). Statement 1 is false and Statement 2 is true.