Here's an update: Made it into the PGSEM programme @ IIM Bangalore. Got the offer letter on 1st May (Labour Day). From the IIMB website:
The Post-Graduate Program in Software Enterprise Management leading to a Post-Graduate Diploma in Software Enterprise Management is an executive general management education program designed for the specific needs of professionals working in the software and information technology industry in India The PGSEM endeavors to provide the most current executive general management education to middle and senior professionals of the software and information technology industry who seek to pursue a career in management. The program aims to transform professionals with strong technical knowledge to business leaders with equally strong management knowledge and a global perspective. IIMB is proud to have partnered the Indian software and information technology industry on its journey to becoming a dominant force in the global market.
Several distinctive features of the program are designed to meet the special needs of the participants of this program, while maintaining the credit requirements and rigor of the regular program. The program has been designed such that a participant can graduate with the diploma at the end of two and a half academic years, while continuing to work at his/her regular place of employment. Each academic year is subdivided into four quarters of eleven weeks each. The regular course load in a quarter is three courses of three credits each. Each three-credit course consists of 30 hours of classroom contact. Participants normally have 9 hours of classroom contact per week, with classes scheduled on Friday mornings and Saturdays.