Explanation:

- The Disinvestment Commission was set up in 1996 to facilitate the disinvestment of public sector units in India.

- Option 1, Arundhati Roy is a renowned author and activist, known for works like "The God of Small Things." She has no connection to this commission.

- Option 2, NK Singh is an Indian economist and politician, known for his roles in finance and planning but was not involved with the 1996 Disinvestment Commission as Chairperson.

- Option 3, Arvind Mehta does not seem to be associated with the Disinvestment Commission in any prominent capacity.

- Option 4, GV Ramakrishna served as the Chairperson of the Disinvestment Commission when it was established in 1996.