Step 1: Evaluating Statement I:
The melodic phrase $Ma \, Pa, \, Ga \, Ma \, Ga \, \underline{Re} \, \underline{Re} \, Sa$ incorporates the characteristic flat Rishabh ($\underline{Re}$). In Raga Bhairav, the notes $\underline{Re}$ and $\underline{Dha}$ are performed with a slow, distinct, and controlled oscillation (Andolan). The repetitive oscillation on flat Rishabh ($\underline{Re} \, \underline{Re}$ or $\underline{Re}\sim$) when descending to resolve on the tonic Shadaj ($Sa$) is the most recognizable signature catchphrase (Pakad) of Raga Bhairav. Thus, Statement I is correct.
Step 2: Evaluating Statement II:
Roopak Taal is a prominent $7$-beat (Matra) cycle in Hindustani classical music. It contains $3$ divisions (Vibhagas).
• The first division consists of $3$ beats (beats $1, \, 2, \, 3$).
• The second division consists of $2$ beats (beats $4, \, 5$).
• The third division consists of $2$ beats (beats $6, \, 7$).
This structural division is formally written as $3 - 2 - 2$. Thus, Statement II is correct.
Step 3: Conclusion:
Both Statements I and II are correct, making option (A) the correct choice.