SANCTION REQUIRED FOR PROSECUTIONS - Without prejudice to the provisions of Section 197 of the Code of Criminal
2 of 1974), no prosecution under this Act shall be instituted except with the previous sanction,- (a) in the case of a person who is employed or was at the time of commission ofthe alleged offence employed- (i) in a company, as defined in Section 3 of the Companies Act, 1956 (1 of 1956), in which not less than fifty-one per cent of the paid-up capital is held by the Central Government or any company which is a subsidiary thereof within the meaning of that Act, or (ii) by a corporation or a local authority established by or under a Central Act which is owned or controlled by the Central Government, of the Central Government or of an authority authorised in this behalf by that Government; and (b) in the case of a person other than referred to in clause (a) of the State Government."]