Global Exports Ltd was granted a credit facility of ₹50 Crore by a consortium of banks, secured by a personal guarantee from Chairman Mr. Mehra. Later, the banks released a second charge on a factory building worth ₹5 Crore held as collateral without Mr. Mehra's consent. When the company defaulted, the banks invoked the guarantee for the full ₹50 Crore. What is the legal position of Mr. Mehra's liability under Section 141 of the Indian Contract Act, 1872?

Consider the following statements regarding the Law of Guarantee under the Indian Contract Act, 1872: Statement I: A guarantee obtained by means of misrepresentation made by the creditor concerning a material part of the transaction is invalid under Section 142. Statement II: If the creditor releases the principal debtor through a formal contract, the surety is also discharged from liability under Section 134. Statement III: The release of one co-surety by the creditor discharges the other co-sureties. Statement IV: A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time the guarantee is given, whether the surety knows of it or not (Section 141). Which of the statements given above are correct?