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RIL rebuts Anil's charges against ED

May 03, 2005 13:51 IST
Last Updated: May 03, 2005 18:30 IST

In a new twist to the ongoing battle between the Ambani brothers, younger sibling Anil Ambani on Tuesday questioned the role of Nikhil Meswani, executive director on the board of flagship company Reliance, alleging that he was misleading the media and investors on family issues.

Speaking through his spokesperson, Anil said, "Nikhil (a cousin of the Ambani brothers) is not involved in discussions (in the family to resolve the ownership issues). He has no locus standi."

The Reliance Ownership Issue

Nikhil could not be contacted immediately for his comments.

The spokesperson said from Mumbai that "Nikhil was involved in false briefing in violation of Sebi's insider trading regulation and fraudulent trade practices regulation."

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."

Although some of the reports had quoted sources close to Mukesh Ambani, Nikhil Meswani has not made any formal comment on the process of negotiations.

Reliance, however, strongly refuted the allegations against Meswani. A spokesperson of the company said, "All allegations against Meswani are baseless."

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