There is JV between two partner - one partner has contributed towards equity in September 2010 and other partner has not contributed so far. 

The date of commencement of business is Sept 3, 2010. 

The shares has not been issued becoz of contribution awaited from other partner till date (Feb 3, 2011).  Can I issue shares to subscribers who have contributed towards equity contribution and subsequently to other partner based on the receipt of  equity contribution.

I understand 113 is applicable for issues of shares within three months.