Explanation:

- Correct Answer: Option 4: Asha Parekh

- Asha Parekh:

- A renowned film actress, director, and producer who has made significant contributions to Indian cinema.

- An accomplished Indian classical dancer, showcasing her versatility and talent.

- Conferred with the Padma Shri in 1992 for her contribution to the arts.

- Served as the Head of the Central Board for Film Certification from 1998 to 2001.

- Honored with the Dadasaheb Phalke Award, recognizing her exemplary lifetime contribution to Indian cinema.

- Vyjayanthimala:

- A successful actress and Bharatnatyam dancer, she was awarded the Padma Shri in 1968, predating the timeline.

- Though influential, she does not fit the specific details regarding the CBFC or the Dadasaheb Phalke Award in this context.

- Waheeda Rehman:

- Another iconic actress awarded the Padma Shri in 1972.

- Not linked to the CBFC chair position or the Dadasaheb Phalke Award under the present conditions.

- Mala Sinha:

- A prominent actress but not notably tied to classical dance accolades or having held the CBFC position according to the provided timeline.