(1)

No investigation agency, including but not limited to Police, Central Bureau of Investigation, Serious Fraud Investigation Office, Directorate o Enforcement and such other agencies, shall conduct any enquiry or inquiry or investigation into any offence alleged to have been committed under any law, in relation to any recommendation made or decision taken by the Chairperson or other directors, employees or officers of the Institution in discharge of his official functions or duties, without the previous approval of—

(a) the Central Government, where the offence is alleged have to been committed by the Chairperson or other directors; or

(b) the Managing Director, where the offence is alleged to have been committed by an employee or officer of the Institution:

(2)

No court shall take cognizance of an offence punishable under any law alleged to have been committed by the Chairperson or other directors, employees or officers of the Institution for which a sanction to conduct any enquiry or inquiry or investigation was granted under sub-section (1), except with the previous sanction of—

(a) the Central Government, where the offence is alleged to be committed by the Chairperson or other directors; or

(b) of the Managing Director, where the offence is alleged to be committed by an employee or officer of the Institution: