We do not know the context under which you have asked this query. What is the nature of your industry and what is your finished product? Did you conduct any campus interviews and did you select few candidates? After selection but before giving them employment offer, do you want to lock the students through contract agreement? If yes, then why you want to do that? What is the logic? Why you have a fear that the students will not join even after accepting the offer letter?
As far as the students are concerned, did your company offer any scholarship or fund the education of the students?
India is a free market economy. In the free world, all citizens have the equal right to choose the employment opportunities. Against this backdrop, if you start locking their tenure with the company then will it work? There are separate methods to retain the employees. However, why you would like to follow legal methods to address the HR issues is not understood.
From India, Bangalore