A. Presently, we have thirteen IIMs.
B. The first IIM was established in 1961 in Kolkata.
C. At the time of independence, India did not have any management institute of high repute.
D. However, the need to have more IIMs was still felt.
E. Subsequently, a few more IIMs were set up at various locations in India.

Let us try to understand the central theme of the passage. We are looking for a sequence of sentences that clearly introduces the idea of management institutes from a chronological perspective. 
 At the time of independence, India did not have any management institute of high repute.
Is the first sentence introducing the idea that at the time of independence there was a lack of management institutes. 
The first IIM was established in 1961 in Kolkata.
Is the second sentence showing that there was progress made in establishing an institute 
However, the need to have more IIMs was still felt.
This sentence carries the sentiment of needing more IIM's. 
Subsequently, a few more IIMs were set up at various locations in India.
This sentence clearly shows the action carried out. 

Hence, the correct sequence is, 
CBDEA