Explanation:

• Non-compliance of IT Rules will not lead to a ban of Organization. Even if the platforms don’t comply with these rules, the platforms can continue operations in India, but they can’t seek safe harbour protections in the case of a suit. 
• Social Media Intermediaries need to adhere to IT rules in order to be eligible for safe harbour protections mentioned in Section 79 of India’s IT Act. Safe harbour protections are very important for platforms that deal with user-generated content. These protections ensure that the platform cannot be sued for a post, message etc shared by a user using its services. 

Hence only statement 2nd is correct.