Is there a way to share my mobile screen with another Android phone like Netmeeting or Live Meeting? The requirement is similar to Netmeeting software where the screen of a desktop is shared and can be accessed for another system. Is is possible in a mobile device?

There should be no PC to Mobile connection.

Applicability: This can be used for verification of railway or air tickets where I can show my ticket shared with examiner's device instead of handing him the device.
If your device is rooted you could try to run a VNC Server (e.g. droid VNC server BETA) and access it from the other mobile device with a VNC viewer of your choice.