In case the original share warrant is defaced, mutilated or torn, a duplicate share warrant may be obtained, on surrendering the original one for cancellation to the company, just like in the case of share certificate. But where the original warrant is lost, stolen or destroyed -the duplicate is rarely issued and that too upon satisfactory evidence and indemnity.
The Board of Directors may, from time to time, make rules as to the terms on which (if it shall think fit) a new share may be issued by way of renewal in case of defacement, loss or be issued destruction (Regn. 43 of “Table A”). Generally, the shareholder concerned is required to advertise the loss in newspapers and to give an ‘Affidavit’ stating the fact of loss or destruction of the warrant under oath, and also to sign an ‘Indemnity Bond’ before he is issued at: duplicate warrant.
Further procedure for issuing the duplicate share warrants is almost the same as we have seen earlier in relation to the issue of duplicate share certificates.
Surrender of Share Warrants :
Section 115(2) provides that subject to the articles, the bearer of a share warrant may surrender his warrant to the company for cancellation and have his name entered in the Register of Members. The share warrant must be surrendered and cancelled before the name of the holder of the share warrant is entered in the Register of Members; otherwise, the company shall be responsible for any loss incurred by any person [Sec. 115(3)].