Bombay HC refuses to direct transfer of RBI bonds to mom & wife of man who has taken sanyas

Bombay high court has refused to direct the transfer of Reserve Bank of India bonds to the mother and wife of a man who has renounced the world and become a Jain sadhu. «This court, in its writ jurisdiction under Article 226, will not enter the arena of disputed claims between the parties,» said Justices Revati Mohite Dere and Neela Gokhale, asking them to seek civil remedy before an appropriate forum.

In their petition, the 77-year-old mother and 48-year-old wife of the sadhu said M was the karta of a Hindu Undivided Family. «Renouncing worldly affairs amounts to civil death of M and as such all his properties would devolve upon his other legal heirs, namely the petitioners.» M's son and daughter have also taken sanyas.

He holds bonds worth about Rs 56 lakh and the date of maturity is Sept 18, 2026. As per RBI guidelines, the bonds are not transferable except in the case of natural death.

Prior to taking sanyas, M sought to know from HDFC Bank the procedure for transmission of RBI bonds to his legal heirs. However, the bank did not accept sanyas as civil death and refused to transfer the bonds. After M took sanyas, his mother and wife applied to the bank, but it failed to transfer/transmit the bonds to them. HDFC's advocate referred to the bank's reply that there is no declaration of M being a karta. The date of maturity is Sept 18, 2026, and as per RBI guidelines, the bonds are not transferable except in the case of natural death. There is no succession certificate/probate submitted and no conclusive evidence