Statement I: The time period of a pendulum, on a satellite orbiting the earth in infinity.
Statement II: Time period of a pendulum is inversely proportional to square root of acceleration due to gravity.
From the relation of time period
When the satellite is orbiting the earth, the value of g inside it is zero. Hence the time period of pendulum in a satellite will be infinity and it is also clear that time period of pendulum is inversely proportional to square root of acceleration due to gravity g.