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I have seen some seniors even charge 11 lakh every hearing, once heard a story of 30! Why are these guys paid sooo much. Barring a few, do you guys really think they deserve this much? Are businesses really this stupid?
They are paid sooooooo much simply because they deeeeeeeeeeliver. That is all. Nothing less nothing more.
Exactly. It seems like a lot, but tl:dr - businesses are not stupid.

If you ever have the pleasure of briefing a good senior counsel (and most of them are), you will realise they have experience, can draw on parallels from other spheres of law and general knowledge, court craft, can read the judge better than the judge's spouse, will fight hard for an order in a way junior counsels can't/will never be entertained and the busy ones have a work ethic we can only aspire to emulate.
They know the most important thing in the legal profession - the judge.