Those arrested, and let off on bail soon, included Student Editor of the magazine, its sub-editors and editorial advisory committee members, police said.
They had been charged under various Sections of the IPC including 153 (wantonly giving provocation, punishment for defamation and printing matter known to be defamatory).
Police had registered the case against these students as the magazine was found to have used "objectionable and unsavoury" language against Modi, garbed as a crossword puzzle.
The Guruvyaur Sree Krishna temple managing committee, which runs the college, had sought an explanation from the principal in connection with the case.
This was the second such case reported from the area after the campus magazine of a polytechnic college featured Modi in the list of "negative faces" along with Adolf Hitler, Osama bin Laden, George Bush and a few other internationally-known figures.
The principal and a few students of the polytechnic college were arrested and let-off on bail last week after police had charged them under the same sections of the IPC.
Police also raided the polytechnic college and seized 392 copies of the magazine, a computer and hard discs of the designers of the magazine.