Administrative Law ka Dhabba - Judicial Review aur State Action

I'm getting confuse with State Action aur non-State Action in Administrative Law. So, I have two options - please help me out.

Option 1: Article 12 of the Indian Constitution includes all private entities within its purview of 'State', thereby making them liable for Judicial Review under Article 226-227.

Option 2: Article 12 of the Indian Constitution only includes government agencies, government companies, and corporations owned or controlled by the government as 'State', while excluding private entities from its purview.

Which one is correct and why?