DS, that's not how it works. It may well be part of the standard process of MRT, but that doesn't mean that the procedures in the process are right. The law is the law after all and nobody has managed yet to come up with an argument to say why an application based on estoppel may not be successful. Stating that such an argument is "complete nonsense", would not win a defence to the argument of part performance. This would be a chance for others to deploy their new found legal skills.
Also your synopsis for appointing directors is completely wrong. Directors are voted on by the shareholders, but not pro rata to their existing holding. Those controlling more than 50% hold all the cards there, in that they have the right to appoint all the directors no matter how many they may be in number.
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