Concept:
Mahakavi Vallathol Narayana Menon was a great Malayalam poet and cultural reformer who played an important role in reviving the traditional performing arts of Kerala. To preserve and promote classical art forms such as Kathakali, he established an important cultural institution known as Kerala Kalamandalam.
Step 1: Understand the purpose of Kerala Kalamandalam.
Kerala Kalamandalam was established for:
• Preservation of Kerala classical arts
• Training artists in traditional dance and music
• Reviving declining art forms
• Promoting cultural heritage
It became one of the most prestigious institutions for performing arts in India.
Step 2: Know the art forms promoted by Kalamandalam.
The institution is especially famous for promoting:
• Kathakali
• Mohiniyattam
• Koodiyattam
• Traditional percussion and music
Step 3: Compare with the given options.
Among the given choices:
• Kalakshetra was founded by Rukmini Devi Arundale in Chennai.
• Kalamandalam was founded by Vallathol Menon in Kerala.
• Darpana Dance Academy was founded by Mrinalini Sarabhai.
• Sangeet Natak Akademy is India's national academy for performing arts.
Therefore, the correct answer is:
\[
\boxed{\text{Kalamandalam}}
\]
Hence:
\[
\boxed{\mathrm{(B)}}
\]