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Udayshivakumar Infra: Promoter’s 24-Year Old Daughter Gets Rs 6 Crore Salary Package
There is nothing wrong with newcomers and start-ups tapping the capital market. Take the case of the Davangere-based Udayshivakumar Infra Ltd which has filed a Red Herring Prospectus. It has evolved from a proprietorship firm in August 2002 to a public limited company in September 2022. But, according to the official website of the company (www.uskinfra.com), Udayshivakumar Infra Ltd was incorporated in the year 1995! The prospectus says Udayshivakumar was appointed as the MD of the company for a period of five years with effect from January 1, 2020 but did not draw any remuneration for the fiscals 2021 and 2022. Pursuant to a resolution passed by the board of directors and approved by the shareholders at the AGM held on September 19, 2022, the new terms of remuneration for the MD would certainly raise many eyebrows. The company, whose average annual employee cost was around Rs 3.5 cr during the last three fiscals, has proposed a basic salary of up to Rs 50 lakh per month (Rs 6 cr per annum) with an annual increment of Rs 10 lakh for its promoter-MD besides other perks. But, what’s more baffling is that his 24-year-old daughter Manjushree with experience of just two years as manager with the company, has been promoted as executive director and offered the same level of remuneration as her 53-year old father. Clearly it raises the question of corporate governance. By arrangement with https://investlive.net/.

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Editor’s Note: Short Post Is Here To Stay…

Time, they say, flies—and how true that is. Here we are celebrating our 5th Anniversary. Five years ago, when Covid-19 was wreaking havoc across the globe, I took a leap of faith and launched Short Post, India’s first website for Authentic Gossip. That was on January 31, 2021. I was convinced there was a clear gap in the market for gossip that was credible, sharp, and impactful—especially if told in just 250 words.

In this, I was fortunate. Scores of senior editors across diverse verticals bought into the idea and, in the process, gave wings to my dream. Quite honestly, Short Post could not have crossed these milestones without the unflinching support of its contributing editors. Like all start-ups, we have seen our share of ups and downs, but these editors have stood by us like a rock. I take this opportunity to doff my hat to them.

Thanks to their commitment, we have published close to 5,000 stories spanning politics, business, entertainment, and sports. I say this with pride: we made our mark as people who matter read us. “Small packs, big impact” truly captures the essence of Short Post.

We all know that Covid-19 has reset businesses worldwide, and the media sector is no exception. In the post-Covid era, investors have become more cautious and selective—and advertisers too. To compound matters, the entry of AI has disrupted the media landscape in equal measure. So far, we have managed to hold our ground, hopeful that some angel investors will take a shine to us.

What gives me confidence is this: AI cannot smell news—especially the gossipy kind. In other words, AI cannot churn out Short Post-type stories, no matter the prompt. That puts us in a safe zone. As someone rightly said, “AI is a co-pilot, not a pilot.”