The answer is an outright NO.
It  is indeed ludicrous to see the way the exam is conducted these days  .Apart from worrying about the rc passages  and the di questions one now  has to grapple with finding  the correct  day , date, time of the exam.  One  should actually try to consult an astrologer to  identify the  right 'mahurat' !
All CAT identifies are few select lucky people who  burst into the limelight bewildered.They themselves are non  plussed as to how did they manage such awesome scores.
I personally know many people who were shocked rather than elated after seeing their scores for the first time.
In fact some slots had hordes of people having outstanding percentiles where the paper was deemed easy.
On  a more serious note, most of candidates that are shortlisted now would  never get shortlisted had the process been fair and just to all.
My personal experience has shown a candidate with below average  vocabulary managing a 99.98 in VA .Upon inquiring as to how did this  happen ,he answered it was possible because of the very easy vocab that  came in his paper.
How does normalisation work, how are difficult  questions bench-marked , how are common questions selected for slots are  all a mystery to me.
Moreover the mistakes/errors  in certain  questions further ruins the candidate's test taking experience .It was  found that numerous slots had mistakes in a number of questions.So, the  scales are further turned against you.Good Luck. 
Any candidate with average english and decent  logical skills is deemed fit to be a manager.Is that all what a manager  should possess.
There are many other tangibles and intangibles involved here which are left untouched by CAT.
The only saving grace for the candidates are the  other paper tests where each one is bench-marked against others on a  same 'standard' of paper .
Whats the solution to this CAT harakiri :
It is time to have computer adaptive tests such as the ones   followed in GMAT where the correct picture of a candidate would be for  all to see.
Also aspects like  candidates critical reasoning ,  his emotional intelligence need to be tested in some form to judge his  suitability.
 No doubt hard work is important but it may not be rewarded immediately seeing the present state of affairs.

 
