A police spokeswoman said yesterday no complaints had been received about the incident.
New headmaster Mike Leach said he had "no tolerance for any type of bullying".
A mother of a student also said all parents had been alerted about the incident in a late-night email on Monday from Mr Leach.
Prior to this, only those involved in the incident had been contacted by the school, she said.
"The older boys are now saying there wasn't any intent to harm the younger ones and it all got out of hand," the mother said.
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Meanwhile, former students at King's and other boarding schools yesterday contacted the Herald to say similar incidents went on in their day.
A student who was at King's last year said visibly scared Year 9 students were held in a common room and then blindfolded and shouted at by older students in one incident.
One Twitter user, apparently a current student, called the situation a "massive overreaction". He claimed the Year 9 students involved were "laughing about it last night, even the one who called his parents ... And two of them were giggling while it was happening too".
Victoria University psychology lecturer Dr Ronald Fischer said that initiation rites are widespread and help to bond groups.
The problem with hazing is that it takes them to an extreme that can be traumatic and damaging to individuals.
Research has shown that voluntary participation in painful or exhausting activities - for example in the context of sports - can have positive and even empowering effects for group members.
However, if participation is not voluntary then some individuals can be emotionally scarred.
Secondary Principals' Association president Tom Parsons said hazing or similar initiations were "not only politically incorrect, but mentally and physically unsafe".
"It happens, unfortunately right throughout our society - the All Blacks have had it, regional rugby teams have had it. But it is not healthy."
The story so far
*Thursday, 3.30am
Year 9 boarders allegedly made to march outside with their heads covered and hands behind their backs by Year 12 students.
One of the younger students is allegedly assaulted.
A student is picked up by their parent.
*Monday, 9.36pm
Headmaster Mike Leach sends email to all parents about the incident.
*Yesterday
Mr Leach confirms alleged ring-leaders have been stood down.
*Tomorrow
Disciplinary meetings expected to take place.