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Mukesh Ambani meets PM

May 04, 2005 20:51 IST

Reliance Industries Ltd chairman and managing director Mukesh Ambani met Prime Minister Manmohan Singh on Wednesday, while Nikhil Meswani, executive director of Reliance, met senior government officials, in New Delhi.

A day after being attacked by Anil Ambani for "misleading" media and investors on Ambani family issues, Meswani met U K Sinha, joint secretary handling capital markets in the finance ministry.

The Reliance Ownership Issue

The discussions presumably covered issues like corporate governance that have been publicly raised by Reliance vice-chairman and managing director Anil, who is engaged in bitter spat with his elder brother Mukesh over the control of Reliance mega group.

After an hour-long meeting, Meswani, who flew in from Mumbai earlier in the day, refused to answer questions from waiting mediamen.

Anil's spokesperson had accused Meswani of being involved in "false briefing" in violation of Securities and Exchange Board of India's insider trading regulations and "fraudulent trade practice regulation" and had sought "strong regulatory action" to protect the interests of Reliance shareholders.

The allegations were strongly refuted as baseless by Reliance.

The public wrangling between the Ambani brothers which has intensified in the past two weeks appears to have impacted the delicate negotiations to settle the ownership issues.
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