Statement 1 is incorrect: The Panel of Chairpersons is drawn from different parties, not just the ruling party, to ensure representation and impartiality in presiding over the House. Statement 2 is incorrect: The Panel of Chairpersons is nominated by the Speaker of the Lok Sabha. While the Speaker may consult with various parties, the formal nomination is made by the Speaker, not by the parties themselves. Statement 3 is correct: The Panel of Chairpersons consists of members, usually around 10. Any one of them can preside over the House in the absence of both the Speaker and the Deputy Speaker. When a member from the Panel presides, they have the same powers as the Speaker.