The Bombay High Court has rejected a petition seeking the transfer of Reserve Bank of India (RBI) bonds after a Jain man, Manoj Zaverchand Dedhia, and his children renounced worldly life to enter the Jain sanyas order. The petition was filed by Manoj’s wife, Chhaya Manoj Dedhia, and his mother, Nirmla Zaverchand Dedhia, aiming to have the bonds transferred to their names.
Justices Revati Mohite Dere and Dr. Neela Gokhale of the Bombay High Court dismissed the case on technical grounds, ruling that the spiritual renunciation did not equate to a “civil death” and therefore could not result in the automatic transfer of legal ownership of the bonds. The court highlighted the complexities involved in declaring a “civil death,” noting that mere declaration of sanyas, without performing necessary ceremonies, does not complete the renunciation process.
The petitioners argued that as per Jain religious customs, an individual who becomes a sanyasi forfeits all legal rights to their property, suggesting that Manoj’s assets, including the RBI bonds, should naturally devolve to his legal heirs. The bonds in question, issued in Dedhia’s name and maturing in September 2026, were a significant part of this disputed estate.
The petitioners had initially approached HDFC Bank for the transfer but were denied on the grounds that the bonds were non-transferable unless the bondholder deceased, per RBI guidelines. The bank also indicated the need for a formal succession certificate or probate to legally authorize the transfer.
Despite submissions including an affidavit from Manoj Dedhia expressing no objection to the transfer, and photographs of the sanyas ceremonies, HDFC Bank remained unmoved, prompting the family to seek judicial relief. However, the high court maintained that the issue of whether Manoj and his children have fully taken sanyas is a mixed question of facts and law, which cannot be adequately resolved in a writ petition.
