Detailed Explanation:

The Vernacular Press Act, 1878 was enacted by Viceroy Lord Lytton to suppress criticism in Indian-language newspapers.

✅ Statement 1 – Correct: The Act allowed confiscation of newspaper assets if objectionable content was published.

❌ Statement 2 – Incorrect: Confiscation occurred when content was objectionable, not when it was "not objectionable".

✅ Statement 3 – Correct: The Act allowed confiscation of printing presses for publishing objectionable material.

Both Statements 1 and 3 are correct, making Option 4 (More than one of the above) the right answer.