The correct option is (c) Gain margins of the two systems are the same but phase margins of G(s) H(s) will be more
The explanation: The factor exp (-st) is the cause of the term transportation lag (time delay). The effect of e^-st term is simply to rotate each point of the G(s) H(s) plot by an angle wT rad in the clockwise direction. So the phase margin of the system reduces as T increases. But since |e^-s| =1, therefore the gain margins of both the systems are the same.