When will HBS - Hallmark Business School cutoff list be released?

Yes, GIBS Business School has internal committees and governance bodies that oversee the updating of curricula, academic policies, and quality assurance.
Board of Governors The GIBS Board of Governors is mainly involved in ensuring academic policymaking at the strategic level. The BoG, in their 2024 meeting, discussed issues such as "curriculum overhaul and industry alignment" for the coming academic session. This indicates that BoG takes decisions or recommendations that may affect curriculum, programme structure, and strategic academic directions.
Academic Council: According to GIBS' mandatory disclosure for 2024–25, the governance structure of the institution has an Academic Council that helps in maintaining academic standards and presumably reviews the curriculum, policy changes, and academic regulations.
Internal Quality Assurance Cell (IQAC) - GIBS has an active IQAC for quality assurance, which works in embedding quality standards into institutional operations, periodically reviewing/auditing the same, and probably contributes to evaluating and recommending improvements to curriculum, teaching methods, and academic policies.
Student-facing & Compliance Committees — GIBS also maintains various campus committees such as an Anti-Ragging Committee and an Internal Complaints Committee-for harassment / grievance issues-that help handle non-academic policy enforcement and student welfare. While these do not deal with curriculum, they reflect institutional governance about student conduct and campus policy.
In short, the multi-layered approach to governance that GIBS adopts includes the following: the Board of Governors for high-level strategic and academic guidance, the Academic Council for policies and standards with regard to academics, IQAC for seamless reviews and quality improvement, and other compliance and oversight committees for student-related policies and welfare.