New Delhi: The Indian Institutes of Management (IIM) faculty, unconvinced by the government's assurances, has decided to make public their concerns over a series of reforms that had been proposed by the government.

The IIMs are concerned that the proposed reforms will lead the privatization of the IIMs.

On Monday, IIM-Calcutta published a detailed criticism of the government's proposed reforms on its official website. This had been done only 48 hours after Human Resource Development Minister Kapil Sibal had clarified that the reforms would not involve privatization of the prestigious management institutes.

It had been recommended by a panel of the HRD ministry under Maruti Chairman R.C. Bhargava that industrial houses can gain seats in the managing society of an IIM for five years in exchange for a donation of Rs.20 crore.

Individuals and alumni too can gain seats on the IIM societies by giving donations worth Rs.5 crore under the proposals of the panel.

However, it is being argued by the faculty that if the recommendations of the Bhargava panel are implemented, it might lead to the reigns of the IIMs being placed in the hands of private donors.