Whether Conversion of fully paid preference shares into loan is an Act of tax avoidance?

‘Reliance Jio Infocomm Limited’- (Company No.1), ‘Jio Digital Fibre Private Limited’- (Company No. 2) and ‘Reliance Jio Infratel Private Limited’- (Company No. 3) moved joint petition under Sections 230-232 of the Companies Act, 2013, seeking sanction of the Composite Scheme of Arrangement amongst ‘Reliance Jio Infocomm Limited’ and ‘Jio Digital Fibre Private Limited’ and ‘Reliance Jio Infratel Private Limited’ and their respective shareholders and Creditors (“Composite Scheme of Arrangement”).

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