Statement (I) is correct: Sertoli cells secrete Androgen-Binding Protein (ABP), inhibin (which selectively suppresses FSH), activin, and estrogen (synthesized from testosterone via aromatase).
Statement (II) is incorrect: The physical release of mature spermatozoa from Sertoli cells into the lumen of the seminiferous tubules is termed spermiation. Spermiogenesis is the morphological differentiation of round spermatids into elongated, flagellated spermatozoa.

Option breakdown:

• Both statements are not correct because Statement (II) is false.
• Statement (I) is correct.
• Statement (I) is correct but Statement (II) is incorrect.
• Statement (I) is not incorrect.

Ventilation principles in animal housing:

• Natural ventilation in farm buildings depends on thermal buoyancy (stack effect) and wind forces.
• Under conditions of practically calm air (wind velocity $\lt 1\text{--}2\text{ km/h}$), air movement through inlet openings has been calculated in agricultural engineering and ventilation literature as approximately $0.48\text{ m}^3\text{ of air per }\text{cm}^2\text{ of inlet area}$.
  
  Option analysis:
  Option 4 ($0.48\text{ m}^3\text{ air / cm}^2\text{ of inlet}$) is the established engineering standard (Key 4).

Ovarian physiology and Corpus Luteum (CL) dynamics:

• Sheep and Goats: Typically ovulate $1\text{ to }3$ ova (rarely $4$ in highly prolific breeds like Booroola Merino or Garole). Formation of $1\text{--}8$ or more corpora lutea is characteristic of polytocous species like swine (sows), not sheep or goats. Therefore, Statement (I) is incorrect.
• Cows and Buffaloes: Following ovulation on day $1$, the corpus hemorrhagicum transitions into a functional corpus luteum, which progressively increases in size, vascularity, and progesterone secretion, attaining its peak morphological dimensions and circulating progesterone concentrations by mid-diestrus around day $11\text{ to }12$ of the estrous cycle. Therefore, Statement (II) is correct.
  
  Option analysis:
  Statement (I) is incorrect but Statement (II) is correct, matching Option 4 (Key 4).