hi sameer,
thanks for the reply.guys from the other IIMs ,XLRI and whosever is interested please jopin in.this can be a great lesson for us in interacting with our schools' alumni,for i beleive it is the biggest factor in increasing the brand equity of your school
as far as IIML is concerned here are the activities
1)Nostalgia - annual Alumni reunion at IIML -facilitates formal and informal interaction and revives old memories
2)SMARAN - Alumni contacts are given to students who in their term break or summers get to meet these alumnus in their home cities
3)IIM L mentor- provides a platform for students interested in specific career related issues to be directly connected to certain alumni
4)Placement Preparation workshop-helping with CV-writing,interview skills,communication skills
5)getting alumni to speak on campus during various events and fests
6)an ERP course
7)getting new companies for recruitment to campus through alumni in those companies

a periodic newsletter covering campus events specifically for the alumni
9)showcasing acheivements of various alumnus showing their career path,campus life,profile etc.
10) an alumni database
whew,thats it i think c'mon guys lets generate ideas to leverage the acheivements of past students to help our future become brighter - for nothing sells like a name