The event had been organised by Indian International Model United Nations (IIMUN) at Thadomal Shahani College in Bandra, K C College in Churchgate, Lala Lajpatrai College in Haji Ali and Whistling Woods College, they said.
"Around 1,400 students of Class VIII to X from various schools took part in the event. During the event, at around 12.30 PM food packets were served to students," a police officer said.
The aim of the event was to make a pitch for a permanent seat for India in the United Nations Security Council (UNSC).
At Lala Lajpatrai College, around 12 students were taken ill after consuming the food and were rushed to Breach Candy hospital, Bhatiya Hospital and Jaslok hospital.
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"All of them are out of danger," police said, adding that students who participated in K C College and Whistling Woods College also complained of uneasiness after consuming the food.
Police said they are probing the case but refused to share further details.
He claimed that "the food, instead of being made at four centres as promised, was made in Thane before it was sent".