Statement-l: The double bond in ${\mathrm{C}}_2$ molecule consists of both $\mathrm{\pi }-$bonds.

Statement-2: Four electrons are present in two $\mathrm{\pi }-$bonding molecular orbitals in ${\mathrm{C}}_2$

Since ${\mathrm{C}}_2$ has a bond order of $1/2(8-4)=2$ it should be diamagnetic. Due to the existence of four electrons in two pi molecular orbitals, it is significant to notice that the double bond in  ${\mathrm{C}}_2$ is composed of both $\mathrm{\pi }-$ bonds. A double bond in the majority of the other molecules is composed of a sigma bond and a $\mathrm{\pi }-$bond

Hence correct option is A