IIM graduate as CEO for Rs. 600,000 year

Today in the morning, I had commented on the drop in the salaries that are being offered to IIM graduates as compared to the previous years. While writing the above post, I was not aware that ManishBhai Patel who owns Rs. 3 crore Varun Radiators in Kajol, Gujrat hired a 26 year old IIM (A) graduate as CEO for Rs. 600,000.