A good way to check these conclusions is to ask what the profession's ethics actually allow, rather than debate the wording alone. Indian advocates are barred outright from taking a cut of the outcome of a case, and this bar is treated as a matter of professional discipline, not contract.
Testing the conclusions against the actual ethical policy behind Rule 20, rather than only the statement's wording, again shows Conclusion II alone follows.
Another reliable technique for statement-conclusion questions is to trace each conclusion back to a specific clause in the statement and see whether that clause supports, contradicts, or is silent on the conclusion.
Mapping each conclusion to the specific clause of the statement it depends on shows that only the Section 35 based conclusion, Conclusion II, is properly supported.
The correct answer is therefore Only Conclusion II follows.