Discussion

Explanation:

Mr. D’Souza was the first CEO to speak overall. Mr. Bisht was the second CEO to speak overall.

The order in which the (CEOs, MDs) combinations spoke can be given as
(Mr. D’Souza, Mr. Arora)
(Mr. Bisht, Mr. Reddy)
(Mr. Sethi, Mr. Tandon) or (Mr. Puri, Mr. Karare) 
(Mr. Puri, Mr. Karare) or (Mr. Sethi, Mr. Tandon)
Thus, it is not possible to determine which CEO spoke last.

Hence, option (d).

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