Fresher's and Farewell
Since the new students come from various backgrounds and colleges, they are new to the college environment and also to the existing senior students. The fresher's party is conducted to break the ice between seniors and juniors. The main intention of a freshers party is to invite the new batch and create an atmosphere of interaction between seniors and juniors. The students will also have an opportunity to showcase their talents.
As the meaning of farewell goes like "an acknowledgment or expression of goodwill at parting" our junior students will be wishing their seniors to have a bright career by throwing a farewell party.