Kolkata: The Indian Institute of Management, Calcutta (IIM-C), today (Jun 18, 2004) decided to revert back to its old fee structure of Rs 1.5 lakh per annum, but also resolved to offer "need-based scholarships" to students from families with a weak financial position.

Disclosing this the Chairman of the IIM(C) Board of Governors, Y C Deveshwar, told newsmen the decision was taken unanimously by the board members at the meeting this morning (Jun 18, 2004).

The board, he said, decided to offer "need-based scholarships" to students from families with upto Rs 2 lakh annual income.

Deveshwar, however, rejected the contention that the decision was a personal setback for him as he had earlier decided to accept the previous Government's decision to drastically reduce the fee to Rs 30,000 per annum only.

"It is not a setback for me because it was a Government decision to reduce the fee and now also it is a Government decision to go for a uniform fee structure," he said.

Asked whether all the IIMs would follow the Government directive, he said that the decisions had to be taken by the concerned Board of Governors but, "it is likely that everybody will follow the Government directive".