Justice V M Velumani, who passed the order on a petition by the boy's father, said both the school and the corporation were guilty of negligence. While the institution failed to prevent the Class VI student from visiting the pool, the corporation had not posted a lifeguard there.
The judge fixed a notional monthly income of Rs 7,500 and multiplied it for 16 years as done in the case of motor vehicle accidents.
He was later informed that his son had drowned in the pool.
School officials were present during the race and some students, including his son, went to the pool without information.
"This statement itself amounts to negligence on the part of the correspondent and principal," the judge said.