In the past two years the Ruias have increased their holdings in their three listed companies.

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The allegation is that while on paper the Khaitans owned Loop, the true owners were the Ruias.

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Meantime, worrying that the Ruias may try to block the sale, Hutchison Telecom has filed caveats in the Indian courts.

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Turning down Vodafone's offer to buy their stake, the Ruias are close to signing a shareholders' agreement with their new partner.

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But when Li came calling, the Ruias were down on their luck.

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The banks insisted that the controlling family, the Ruias, restructure the businesses, and sell a power plant and other assets to bring in cash.

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The Ruias, too, have not gone unscathed given their minority interest in Loop Telecom, a rival mobile phone operator, that is also under the CBI scanner.

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Feisty Ruias are reportedly fighting partner Li Ka-shing over their biggest asset, 33% stake in Hutchison Essar, India's third-largest mobile phone operator in which Li's Hutchison Whampoa owns 67%.

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The Ruias were glad to let Hutchison run the show at their telecom joint venture, Hutchison Essar, in which they had a 33% stake, so they could focus on their other businesses.

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The Ruias saw this as Orascom's backdoor entry.

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The Ruias lost but also won.

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