For PGDM in Dalmia You have to apply separately according to your field of interest ...They have allotted 90 seats for Fin/Marketing and 30 seats for HR...So, there is nothing like specialisations to be chosen from 2nd year in PGDM, but yes this kind of liberty can be enjoyed in MMS. Forms are sold separately for HR & Fin/Mkt. And accordingly wait lists are formed: For HR, only 1 wait list is declared which comprises 30 aspirants and for Fin/Mkt 2 wait lists are declared where no. of aspirants are 45 in each.
So if you have received a call for PGDM without even being featured in the wait lists you can call them up and ask for clarification to get a clear picture.