16. Saving of action taken or that may be taken for contravention of the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1973

It is hereby clarified that the supersession of Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1973 as amended from time to time, shall not in any way affect

(i) any right, obligation or liability acquired, accrued or incurred thereunder;

(ii) any penalty, forfeiture, or punishment incurred in respect of any contravention committed thereunder;

(iii) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and any such investigation, legal proceeding or remedy may be instituted, continued, or enforced and any such penalty, forfeiture or punishment may be imposed as if those directions had not been superseded.