[12. Sanction required for prosecutions. Without prejudice to the provisions of section 197 of the Code of Criminal Procedure, 1973 (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 of the 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.]
