Redington settles RBI forex violation for INR 274,000

Redington Limited received a compounding order from the Reserve Bank of India's Foreign Exchange Department for a violation under the Foreign Exchange Management Act.

The violation related to issuing shares to non-residents under the company's employee Stock Appreciation Rights Scheme. Redington paid a compounding fee of INR 2,73,975.

The company stated the order has no material impact on its financials or operations.