Criteria for Selection in Management Institutes

Management Institutes definitely needs to have a better way of selection and the fundamental of your past records does not show that you have not changed.
Its like saying that we will not accept Ramayana because it was written by Valmiki, who was a robber.
The judgment should be passed on the basis of current state of the candidate. A person who has strive hard to come up out of the past failures can actually turn the tables round in a Management position. The taste of failure at some point of life helps him identify the risks involved. A well mixed portion of current state should be considered as a criteria for selection. The CAT scores might be a fluke. So the selection criteria should be a blend of some luck and some work.
The formula should look like this
Final Score = % of Luck (Read CAT Scores) + % of Work - Ex (Should include the current position as well as the salary being drawn)+ % of Communication Skills (Both Written and Verbal)+ % of Risk Taking Capabilities + % of Judgmental Skills

The rest can be taught by IIMs i.e. the theory (Finance, Marketing,Operations etc.) and the processes (Six Sigma, ISO, Business Processes).
Disclaimer:-The comment is not to offend any Individual/Organisation but an attempt to put in my thoughts.