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Ambanis moving towards settlement: FM

May 21, 2005 18:18 IST

Finance Minister P Chidambaram on Saturday said that the two Ambani brothers -- Mukesh and Anil -- are moving towards settlement and there was no need for any government intervention in the family dispute.

"Both Mukesh and Anil talk to me from time to time and I advise both to settle their dispute quickly. Looks like they will reach a settlement," Chidambaram told NDTV.

Though the progress was "slow", Chidambaram said, "I think they are moving towards a settlement."

The Reliance Ownership Issue

On a query about the role of the finance ministry, Chidambaram said his ministry was responsible for any systemic aberration or any shock to system.

He said that the government always had power to intervene but "I don't think it is required", as if hinting that a watch was being kept on the developments in the group, that witnessed public bickering between the Ambani siblings over the ownership issues since November last year.

A few months back, Chidambaram had said in Mumbai that it was better for the two brothers to settle the issue within the family.

Only recently, them ministry of company affairs and market regulator Securities and Exchange Board of India had said that Reliance vice chairman and managing director Anil had written to them on several occasions and these issues were being looked into.

Comments from Company Affairs Minister Prem Chand Gupta and Sebi chairman M Damodaran came amid reports that the two sides had resumed negotiations for finding a settlement.

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