Step 1: Energy loss during collision.
When the ball collides with the ground, it loses \( \frac{3}{4} \) of its energy. Therefore, the remaining energy after the collision is \( \frac{1}{4} \) of its initial potential energy.
Step 2: Use the potential energy formula.
The initial potential energy \( U \) at the height \( h \) is:
\[
U = Mgh
\]
where \( M \) is the mass of the ball and \( g \) is the acceleration due to gravity. The velocity required to reach the same height after losing \( \frac{3}{4} \) of energy is found from the remaining energy.
Step 3: Apply the kinematic equation.
The velocity \( V \) needed for the ball to reach height \( h \) after the energy loss is given by:
\[
V = \sqrt{6gh}
\]
Step 4: Conclusion.
Thus, the initial velocity \( V \) is \( \sqrt{6gh} \), which corresponds to option (B).