completely agree with you..!
BTW which college are you from?

40-50 out of 450.. great! but are you sure? I doubt if IITs can claim such a high figure.. as of now I used to think my college has the best records.. Out of a batch of 92, 12 got into IIMs, 2 in XLRI, 1 FMS, 1 University of California, 2-3 others in other high-ranking US unis, 1 into some top-ranking Swiss univ., 1 into ISI, and many others got into many other b-schools and technological univs like IITs.
I worked with Wipro Technologies for 3 years. Right now I am a student at IIMC... no more CAT (thank God!)

cool..! commendable, must say. I studied in the erstwhile IIIT Kol. Now it stands merged with WBUT [unfortunately]

There are a number of issues that needs attention. IIMs are not included in most of the western b-school rankings because IIMs didn't bother to get their MBA programs accredited by AMBA, EQUIS, etc and in most rankings at least one such accreditation is mandatory to qualify to be considered in the ranking process. Another problem is that IIMs offer Post Graduate Diplomas and not MBA which is why they don't appear in many b-school rankings. And the verity of ISB's numbers is REALLY doubtful (in fact I am quite sure they are not correct).
Being the insider of one of the IIMs and having known people from ISB, I can tell you ISB stands nowhere near the IIMs (at least the top 3 IIMs) in any parameter.