The condition of some of the students is stated to be serious, they said.
The mishap occurred near Akashwani when the van carrying students of Chamelidevi School was hit by the bus coming from opposite direction, a senior police official said, adding that the van caught fire after the collision.
The injured have been admitted to Choithram Hospital here, police said.
Following the accident, an irate mob pelted stones at the bus and put blockades on the road before police dispersed them.
The driver and helper of the bus fled after the accident, police added.