Babu Mathew P. Joseph, J.

The petitioners challenge Ext.P1 order dated 26-10-2009 passed by the second respondent, who is the General Manager, Indian Overseas Bank, Central Office, Chennai, according sanction under Section 19(1)(c) of the Prevention of Corruption Act, 1988 (PC Act) for prosecuting the petitioners and another for certain criminal offences.

2. The facts which are necessary for disposing of this writ petition are briefly stated as follows: The first petitioner is working as a Chief Manager and the second petitioner is working as a Manager in the Indian Overseas Bank, a nationalised bank. While they were working in the main branch of the Bank at Ernakulam from 2006 to 2009, they had advanced a loan of 100 lakh to M/s Karma Constructions, a proprietary concern of Sri. Binoy K. Ravindran, a businessman, after due enquiries and as a pure "C. R." commercial transaction. Before releasing the loan amount, prior sanction from the regional office of the Bank was also obtained. The transaction was perfectly transparent supported by application and collateral security. But, it was alleged that the loanee misused the loan for purposes other than the purpose for which the