law: Companies Act, 1956
  Sec 114    -     Issue
  
  and effect of share warrants to bearer. 
  (1) A public company limited by shares, if so
  
  authorized by its articles, may, with the previous approval of the Central
  
  Government, with respect to any fully paid-up shares, issue under its common
  
  seal a warrant stating that the bearer of the warrant is entitled to the shares
  
  therein specified, and may provide, by coupons or otherwise, for the payment of
  
  the future dividends on the shares specified in the warrant.
  (2) The warrant aforesaid is in this Act
  
  referred to as a " share warrant ".
  (3) A share warrant shall entitle the bearer
  
  thereof to the shares therein specified, and the shares may be transferred by
  
  delivery of the warrant.