Within what period subscribers to the memorandum are required to bring in share application money in the company? Explain with relevance to obtaining certificate of commencement of business and issue of share certificate

Sub-section (1) of Section 11* of the Companies Act, 2013 provides that a company having a share capital shall not commence any business unless a declaration is filed by a director in INC.21 along with the fee and the contents of the form duly verified by a Company Secretary in practice or a Chartered Accountant or a Cost Accountant in practice, with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him and the paid-up share capital of the company is not less than five lakh rupees in case of a public company and not less than one lakh rupees in case of a private company on the date of making of this declaration. Further, sub-section (3) of section 11 provides that where no such declaration has been filed with the Registrar within a period of one hundred and eighty days of the date of incorporation of the company and the Registrar has reasonable cause to believe that the company is not carrying on any business or operations, he may initiate action for the removal of the name of the company from the register of companies under Chapter XVIII. Further, Schedule I, Table F, Regulation 11(2) of the Companies Act, 2013 state that every person whose name is entered as a member in the register of members shall be entitled to receive within two months after incorporation, in case of subscribers to the memorandum, certificate(s) for all his shares. * Section 11 of the Companies Act, 2013 has been omitted vide Companies (Amendment) Act, 2015 w.e.f. May 29, 2015. Student who gives the updated answer may be given marks.