Step 1: Understanding the Concept:
The question requires matching significant plays and theatre groups from modern Indian theatre with their respective playwrights or founders.
Step 2: Detailed Explanation:
- (A) Naya Theatre: This influential theatre company, based in Bhopal and known for working with folk artists, was founded by (IV) Habib Tanvir.
- (B) Pagla Ghodha (Mad Horse): This is a well-known play written by the Bengali playwright (II) Badal Sircar.
- (C) Tughlaq: This is a critically acclaimed historical play about the Sultan Muhammad bin Tughlaq, written by (I) Girish Karnad.
- (D) Rang Vidushak: This theatre group, also based in Bhopal and known for its clowning and folk-inspired style, was founded by the director (III) Bansi Kaul.
Step 3: Final Answer:
The correct set of matches is A-IV, B-II, C-I, D-III.