Explanation:

- Osman Ali (Option 1):

- Osman Ali Khan was the Nizam of Hyderabad in 1947.

- He was the 7th Nizam and the last ruling Nizam.

- His reign lasted from 1911 to 1948.

- Akbar Ali Khan (Option 2):

- Not a Nizam of Hyderabad.

- May have been a historical figure but unrelated to the Nizam title.

- Mir Mahbub Ali Khan (Option 3):

- He was the 6th Nizam.

- His reign was before Osman Ali's, from 1869 to 1911.

- Nasir Jung (Option 4):

- He was a historical figure in Hyderabad.

- Did not serve as a Nizam in the modern era, associated with earlier decades.