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In the figure, assume that the forward voltage drops of the $PN$ diode $D_{1}$ and Schottky diode $D_{2}$ are $0.7\: V$ and $0.3\: V,$ respectively. If ON denotes conducting state of the diode and OFF denotes non-conducting state of the diode, then in the circuit,

1. both $D_{1}$ and $D_{2}$ are ON
2. $D_{1}$ is ON and $D_{2}$ is OFF
3. both $D_{1}$ and $D_{2}$ are OFF
4. $D_{1}$ is OFF and $D_{2}$ is ON