Funnily I just agreed to Sukri's theory though I have always thought in a way you have said. I have a mixed feeling about it. I have always been confused as what is Ashwini trying to hint.
Like you say, Ashwini's respect towards Bhavani is what makes me think that she doesn't think they are having an EMA. Also, imagine would she have let Ninad hug he if she thinks that way? It looks like Ashwini is upset and hints at these two since they are both emotionally attached, much more than one should or for her liking.
Yup she actually hints to the Kaku being important in ninad life than her and Kaku control over him but not EMA