Step 1: Identify Rajat Gupta’s association.
Rajat Gupta, former McKinsey chief, is notably associated with the Indian School of Business (ISB) Hyderabad, where he played a key role as a founding member.
Step 2: Match with the options.
Option (E) correctly identifies ISB Hyderabad.
Step 3: Eliminate distractors.
(A) XLRI Jamshedpur - Not associated with Gupta.
(B) IIM Calcutta - No direct link.
(C) IIM Bangalore - No significant association.
(D) IIM Lucknow - Not relevant.
Therefore: The correct answer is (E). \[
\boxed{\text{E}}
\]