Rediff just reports news. You cannot hide news because some people are afraid of facts and become jealous/inferior etc. It is your own weakness for which you cannot blame the hardworking students. Having said that, it stands to reason that the students who benefit from the public infrastructure should be made to repay in terms of their skills by being made to work in a govt. institution for 2 years or so, just like some of the medical colleges impose. This should be a clause at the beginning of the course itself so that student can decide whether to join IIM or a private institution.
How ever reservations even in IIM ensure that even people less deserved get much higher salaries than people with much higher skills but who could not get into IIMs because they do not have a "quota".