IISWBM was constituted on 25th April 1953 by a resolution passed by the Senate of the University of Calcutta. The meeting of the Senate was presided over by Mr. Justice Rama Prasad Mookherjee. This was the culmination of the joint initiative taken by the University of Calcutta, the Government of West Bengal, the Government of India and the captains of industry to set up for the first time a management education Institute in India, a concept alien to many in the educational fraternity at that tim