New Delhi: Amidst a raging controversy over the drastic reduction of fees in Indian Institutes of Management (IIMs), Human Resources Development Minister Arjun Singh has convened a meeting of Chairmen and Directors of all the six premier institutions here tomorrow (May 31, 2004) apparently to hammer out a compromise formula.

The meeting is being described as an exercise to hear the views of these prestigious B-schools in the wake of former HRD Minister Murli Manohar Joshi's controversial decision to drastically slash the fees to Rs 30,000 per annum.

Sources in the Ministry said that reverting to the earlier fee of Rs 1.5 lakh may not be possible and one of the possibilities in the compromise formula could be a "graded fee structure" in order to give some cushion to poor students to study in these premier schools.

Besides exploring an amicable solution to the issue, which is pending before the Supreme Court, the crucial meeting is expected to take up the issue of autonomy as well, the sources said.

Tomorrow's meeting might also see efforts to convince the IIM directors that the Government will pay the amount required to fund the fee cuts and that the subsidy would be reduced gradually over the next five to 10 years or till the time it was not needed, sources said.