law: Companies Act, 1956
  Sec 115    -     Share
  
  warrants and entries in register of members. 
  (1) On the issue of a share warrant, the
  
  company shall strike out of its register of members the name of the member then
  
  entered therein as holding the shares specified in the warrant as if he had
  
  ceased to be a member, and shall enter in that register the following
  
  particulars, namely :
  (a) the fact of the issue of the warrant ;
  (b) a statement of the shares specified in the
  
  warrant, distinguishing each share by its number ; and
  (c) the date of the issue of the warrant.
  (2) The bearer of a share warrant shall,
  
  subject to the articles of the company, be entitled, on surrendering the
  
  warrant for cancellation and paying such fee to the company as the Board of
  
  Directors may from time to time determine, to have his name entered as a member
  
  in the register of members.
  (3) The company shall be responsible for any
  
  loss incurred by any person by reason of the company entering in its register
  
  of members the name of a bearer of a share warrant in respect of the shares
  
  therein specified, without the warrant being surrendered and cancelled.
  (4) Until the warrant is surrendered, the
  
  particulars specified in sub-section (1) shall be deemed to be the particulars
  
  required by this Act to be entered in the register of members ; and, on the
  
  surrender, the date of the surrender shall be entered in that register.
  (5) Subject to the provisions of this Act, the
  
  bearer of a share warrant may, if the articles of the company so provide, be
  
  deemed to be a member of the company within the meaning of this Act, for any
  
  purposes defined in the articles.
  (6) If default is made in complying with any
  
  of the requirements of this section, the company, and every officer of the
  
  company who is in default, shall be punishable with fine which may extend to
  
  five hundred rupees for every day during which the default continues.