I find people should be more knowledgeable in order to bag suitable roles in any company.The qualifications and the institutes do play a matter when it comes to jobs as employers also want good people to join them without putting their resources on strain.Most of the time it is students who don't put the efforts in order to secure a right job.They have access to good books,knowledge but ulimately when results come they dont seem to fare well and then the companies don't accept them too.
Also one should not expect to get a manager's role if one does an MBA from a 2nd rung B-school as companies only preserve such roles for the elite B-schools,but all is not bad here if you are more informed on the roles and bonds a company has for the employees.
I am sure if bonds r not acceptable in Courts of India then one should not accept them also.One can file PIL if companies are still favouring employment bonds.