Anil Ambani, vice-chairman and MD of Reliance Industries, today questioned the role of his cousin and executive director of Reliance, Nikhil Meswani, alleging that he was misleading the media and investors on family issues.A spokesperson of Anil said, ‘‘Nikhil is not involved in discussions (in the family to resolve the ownership issues). He has no locus standi.’’He added that ‘‘Nikhil was involved in false briefing in violation of Sebi’s insider trading regulation and fraudulent trade practices regulation.’’While Nikhil Meswani—a cousin of the Ambani brothers—was not available for comment, a spokesperson for Reliance Industries refuted Anil’s statement. ‘‘All allegations against Meswani are baseless,’’ the spokesperson said.Reacting to media reports that 90 per cent negotiations were completed on the ownership issues, on which the two brothers are engaged in a bitter battle for the last six months, the spokesperson said, ‘‘strong regulatory action is required to protect interests of Reliance shareholders.’’Nikhil has not made any formal comment on the process of negotiations—a settlement deal formulated by ICICI Bank MD and CEO K V Kamath is still being negotiated between the brothers. While the Mukesh camp says the deal is almost through, sources close to Anil say the deal is stuck due to low valuation of Reliance Industries among other issues.
