Consider the following statements regarding 'Equality before Law' and 'Equal Protection of Laws' under Article 14 of the Indian Constitution:
Statement I: The concept of 'equality before law' is derived from the British legal system, while 'equal protection of laws' is taken from the American Constitution.
Statement II: 'Equality before law' ensures that all individuals, regardless of their status, are equally subjected to the ordinary law of the land administered by ordinary courts.
Statement III: The concept of 'equal protection of laws' ensures that laws apply equally to all persons who are similarly situated, without discrimination.
Statement IV: Article 14 allows arbitrary classification of persons by the legislature.
Which one of the following is correct in respect of the above statements?