Justice T Sudanthiram granted bail to Sheela Rajendra, Deputy Dean and Director of Padma Seshadri Bala Bhavan Senior Secondary School in K K Nagar and physical education teacher Ravichandran.
The judge said there was no direct act on their part connecting the incident, which caused the death of the boy, with them.
No prima facie material had been placed before the court to show the school authorities had acted with the knowledge there was a likelihood of causing the boy's death. There was also no likelihood of the applicants absconding, he said.
The judge said in the event of their arrest, both should be released on bail on a personal bond for Rs 25,000 each with two sureties each for a like sum.
They should also appear before the KK Nagar police every Saturday and Sunday until further orders, he said.
On August 16, Ranjan, son of a Tamil film director Ranjan drowned in a swimming pool in the school.
The incident occurred during the swimming period and when trainers noticed him in an unconscious state they rushed him to a nearby hospital where he was declared brought dead.