Bangalore: Raising their pitch on the IIM fee cut issue, the faculty of the Indian Institute of Management-Bangalore (IIM-B) have said the reduction will weaken the institution and maintained that financial, administrative and academic autonomy is essential for the institute's growth.

"Our concern with the series of recommendations of the Ministry of Human Resource Development (MHRD), including most recently the fee-reduction, is that though well-intentioned, they will weaken us as an institution and act as a stumbling block in our ongoing efforts to build IIM-B as an institution of global excellence," the faculty said in a resolution and recommendations to the IIM-B Board of Governors.

The recommendations, posted on the IIMB Website today (March 16, 2004), is expected to be taken up by the Board at its next meeting on March 27.

"The resolution is based on a series of meetings and the draft was circulated among faculty members before submitting it to the Board," IIM-B visiting Professor and Head of Communications unit, Prof Bringi Dev said.

Asserting that they would even help the Board raise finances for IIM-B, the faculty suggested that the IIM-B Board take charge of its finances including funding of capital expenditure.

IIMB has 68 permanent and 14 visiting faculty and invested in the last decade Rs 46.34 crores - Rs 15.3 crore in library and IT and Rs 31.04 crore on buildings and other assets.