Explanation:

- The Third Battle of Panipat happened in 1761.

- Let’s check each option:

- Muhammad Shah (Option 1): He ruled from 1719–1748. He died before the battle.

- Alamgir II (Option 2): Ruled 1754–1759. He died just before the battle.

- Shah Alam II (Option 3): Became emperor in 1759, but he was not in effective power during the battle. He was mostly in exile, and real authority at Delhi was under Shah Jahan III and others.

- Jahandar Shah (Option 4): Ruled only for a few months in 1712–1713. Far before the battle.

- The correct answer is Option 2: Alamgir II . He was the Mughal ruler at the time the battle was being prepared, though he died shortly before.