Hey Anuj,
Well, there is already a huge thread for I waitlist discussion:
http://www.pagalguy.com/cat/viewtopic.php?t=3629
But to answer your question, the plausible explanation could be that most of the people who got the call through wait lists would have taken it.
This is because there was no signigicant movement in the A/B/C/L waitlists. L, quite shockingly this year, didnt even come out with a second list, let alone third. Since ABCL were filled in the first list itself, there was very little scope left for movement of I.
Last I read, waitlist 47 cleared. <not sure>. There are about 105 odd guys in the IIMI mailing list. Im not sure abt the rest. Anyway, if you are waiting, ATB!