Reliance did not acquire Future Group companies.
Then What really happened?
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There is one of two ways any acquisition happens.
1) Asset Purchase Through Asset Purchase Agreement
Acquirer acquires assets of a company. Leave the company shares with promoters and investors.
In this case liabilities and any pending lawsuits of the existing company would not get transferred to acquirer.
So, Acquirer Pays purchase proceedings to the Acquiring company. Not to shareholders.
2) Share Purchase Through Share Purchase Agreement
Acquirer acquires company shares and own the company including assets and liabilities. Which means all liabilities also transferred along with the company to acquirer.
The purchase proceedings are transferred directly to share holders.
In this case Reliance and future group executed Asset purchase agreement not share purchase agreement.
Fun Fact: Can you believe,In 2005 I signed my first Asset Sale agreement with New York Based company to sell my First Business (Calling Cards E-commerce site) Without knowing the difference between Asset purchase agreement & Share Purchase agreement at that time. Who cares I was just 26 yrs old then?