"A case has been filed against the magazine committee and we will include all those involved depending upon probe. Case has been taken up under Prevention of Insults to National Honour Act," said the police.
The caption of the controversial sketch reads "Standing up for national anthem in cinema theatre is nationalism... reading Manusmirti on the streets is nationalism."
The Students Federation of India, which is the CPM's student wing and leads the college union, had said on Thursday that their aim was not to show any disrespect, but to point out "extreme nationalism" by the Sangh Parivar by forcing people to stand when the national anthem is played in cinema halls.
The magazine was brought out as part of the 125-year celebrations of the college.
Kerala's current chief minister, Pinarayi Vijayan, is an alumni of the Brennen College.
With inputs from agencies