What is always observed between Meiosis-$I$ and Meiosis-$II$?

In the pachytene stage:

Synapsis occurs between:

When synapsis is complete throughout the chromosomes,the cell enters which stage?

Which of the following statement$(s)$ is/are not correct about meiosis?
$I.$ Meiosis involves pairing of homologous chromosomes and recombination between them.
$II.$ Two diploid cells are formed at the end of meiosis-$II$.
$III.$ Meiosis involves two sequential cycles of nuclear and cell division called meiosis-$I$ and meiosis-$II$,but only a single cycle of $DNA$ replication.
$IV.$ Meiosis-$I$ is initiated after the parental chromosome replication which produces identical sister chromatids at the $S$-phase.
The correct option is

The given figure is the representation of a certain event at a particular stage of a type of cell division. Which is this stage?