The children were going for a summer camp to their school, Advanced Academy, when the mishap occurred, police said.
Transport Department's flying squad members, who were conducting checking of vehicles, rushed to the spot and rescued majority of the children from the emergency gate.
Among the five injured, a child suffered fracture and he was admitted in a private hospital while the rest were discharged after first aid.
The bus driver was taken into custody, police said adding a case has been registered in this regard.