We like round figures but rarely trust/adhere to that level of precision. Tell someone to meet you at 2pm and s(he) turns up at 2:15/2:20 still early by Indian standard time(behind our actual time!).
This is not welcome in IIMA. Class timings are set at 8:44:59 meaning if you enter at 8:45 for the 8:45 class, you are 1.25hrs early for the next one. Most profs, and all campus clubs, enforce this seriously. After all, the future leaders of India should learn to respect their own and other people's time. And oversleeping is not an excuse for missing any deadlines.
After the initial culture shock, sticking to deadlines actually works fine. Because thats a good habit, also it brings in more seriousness.