The war of words between the billionaire Ambani brothers took an unexpected turn when younger sibling Anil offered an olive branch to elder brother Mukesh in a bid to resolve a feud over the split of the Reliance business empire in 2005.

The widespread coverage the Indian media has given to the squabble between the brothers has led to a debate on social networking sites such as Twitter, with some accusing news organisations of playing host to a reality show or soap opera that stars the Ambani family to boost ratings.

Prominent columnist Vir Sanghvi wrote through his Twitter account virsanghvi: “Do you think some network should plan a reality show on the Ambani battle? Or are they doing it already on the news?”

But the battle between the billionaire Ambani brothers is not a manufactured product for mass entertainment, as it involves two of the world’s wealthiest men and could pose a stumbling block to India’s goal of achieving energy security.

The siblings have been involved in several disputes since the family business was split in 2005 following the death of their father, Dhirubhai Ambani, a legendary Indian business tycoon who built Reliance from scratch.

The latest of these disputes is over a deal for Mukesh Ambani’s Reliance Industries to sell gas to Anil Ambani’s Reliance Natural Resources at below-market rates as agreed in the 2005 family settlement, brokered by their mother Kokilaben.

The dispute has drawn in the government, which claims it is the rightful owner of the gas. The government can also decide who can buy gas and at what price, but it has been accused by Anil Ambani of supporting Reliance Industries.

India’s highest court has not excluded the government from the dispute between the Ambanis’ firms, and will hear the case on Oct. 20.

India, Asia’s third-largest oil consumer and which imports two-thirds of its crude oil, is hoping to reduce its dependence on foreign oil and become a new frontier for oil and gas exploration.

The Indian exploration and production sector will need $40 billion in investments by 2012, the Investment Commission of India estimates, while consultancy KPMG expects the Indian energy sector will require between $120 and $150 billion over 2007 to 2011 as Asia’s third-largest economy expands.

However, India’s latest auction of oil and gas exploration blocks evoked a tepid response, with the government indicating the Ambani dispute may have put off investors.

Now, with the stakes being so high, surely the media cannot be blamed for helping its audience navigate through the twists and turns of the maze that is the Ambani tussle?

Is India pushing the ordinary Kashmiri people further away by enforcing regular curfews, putting most of their separatist leaders under house arrest and denying them religious freedom by banning Friday prayers in Kashmir’s Jamia Masjid (grand mosque) on a regular basis to avoid violence?

I travelled to Srinagar, the summer capital of India’s troubled state of Jammu and Kashmir this week, and saw how people were tired of violence and wanted peace and dignity in the region.

Many told me how they felt unhappy each time an incident of violence in a remote corner of the city would scare authorities into shutting down the city and forced them to stay indoors, many without any provisions.

The majority of people in Kashmir appear tired of the 20-year-old violence, involving militants and Indian troops, which has declined significantly — with almost no major attacks in the main city of Srinagar for more than a year now.

Having tasted peace for a while now, people in Srinagar want to spend time near the Dal Lake or travel to a picturesque location with their families, instead of being locked up in their homes.

Industry heads and businessmen I spoke to recollect their endless meetings with Indian ministers, requesting them to do more to restore confidence of potential investors to boost the handicraft, horticulture and tourism sectors.

Many bookshop owners, fruit sellers and students I talked to want the All Parties Hurriyat (Freedom) Conference, the main separatist alliance in the disputed region, to hold talks with the government.

Some separatist leaders admit that talks can help their cause.

“With militancy down, this is the perfect opportunity for talks and the onus is on India now to take advantage and resolve the Kashmir dispute once and for all,” Hurriyat chairman Mirwaiz Umar Farooq told Reuters.

Could this be the right time to hold talks with the separatists to resolve the Kashmir crisis? And do Indian authorities agree?

If a stock dives 55 percent, is it time to go bargain hunting?

Absolutely not! At least that was the case with India’s Satyam Computer Services after it shocked investors on Wednesday by disclosing most of its profits were cooked up.

The disclosure came after the company’s botched attempt last month to buy two construction firms partly owned by its founders, which sent its shares diving 55 percent in one session by angry investors.

Chairman Ramalinga Raju said: “It was like riding a tiger, not knowing how to get off without being eaten.”

The shares tumbled nearly 80 percent, roiling investor confidence in India and bringing an undignified end to the illustrious career of one of the country’s top businessmen.

The accounting fraud which analysts instantly dubbed as “India’s Enron”, battered confidence in Indian companies and cast a shadow on the once-booming outsourcing industry.

The biggest Indian corporate scandal in memory threatens future foreign investment flows into Asia’s third-largest economy, already facing slowdown pangs.

The scandal rakes up a number of issues not to mention how profits could have been inflated for several years without anyone noticing. Knock Knock. Independent directors? Anyone listening?

And all this from a company which won an award for corporate governance just three months ago.

Any answers?

TIMELINE

(Please ignore the analyst recommendation for Satyam currently running on the Reuters site. Preliminary investigations suggest there seems to be a technical glitch. We are looking into it)

Hold on to cash and don’t jump in to help family-owned firms.

Satyam Computer Services got this stern message this week when it was forced to dump a plan to spend $1.6 billion to buy two builders, part-owned by Satyam’s chairman and other insiders.

Ramalinga Raju, chairman, Satyam Computer Services is seen in his office in Hyderabad in this undated handout photograph. REUTERS/Handout

The move sent shockwaves across a country known for its trailblazing software industry, and triggered a cloud over corporate governance in India.

“All in the Family,” screamed the Economic Times on its front page, highlighting a furious reaction from the investment community.

Satyam’s move to buy control of Maytas Properties and Maytas Infrastructure was killed just 12 hours after it was announced.

Maytas is Satyam spelt backwards.

Satyam announced the deals after Indian markets closed on Tuesday and its U.S. shares more than halved. In the wee hours of Wednesday, Satyam bowed to investor angst and performed its U-turn, cancelling the deals.

But by then, the damage had been done.