Blank transfer DOUBT

What happens when a Pvt ltd company shareholders issue blank transfer

Can they do so?

Because it violates the 'restriction on trasferability of shares' as per sec3(1)(iii) of Companies Act

And what happens when the solicitor of the competing company gets the transfer deed and wants to register the transfer in his name?

can the company impose restriction on this transferability, if yes in whose name the shares should get registered?