The incident took place this morning when the victim, Bhupendra Singh, was returning home after tuition. He died on the spot, Kotwali police station SHO Vishnu Khatri said.
Following the accident, the victim's family members and relatives damaged the bus and refused to cremate the body demanded compensation.
According to the SHO, the school management assured them to give Rs 5 lakh as compensation after which they took the body and cremated it.
The bus driver, Lakhvindra Singh, has been arrested, he added.