If Statement III made by Billu and Chiklu are not true then in that case both Amar and Billu will be having the blue ball which is not possible. Hence, Amar’s third Statement is definitely not true. If we assume that Billu’s 3rd Statement is also not true (and hence Chiklu’s is true), the arrangement will be:
Amar
Billu
Chiklu
green, blue
red, yellow
pink, black
If we assume that Chiklu's 3rd Statement is not true (and hence Billu’s is true), the arrangement will be: