Whether to join IIML or not is the question ...
I have consulted profs and other junta about this ...
The main points that were raised were:
1. If you want to do an MBA abroad, you should have more than just great GMAT scores (I am looking at the top 10 schools only). You need great academic performance (mine is decent with 87% in 10th, 93% in 12th and CGPA of 8.3 in Mechanical Engineering - IIT Madras), you need good and relevant industry experience (have been placed in ORACLE through campus - but not sure whether it makes for a relevant industry experience), you need to have potrayed leadership qualities (nothing much in this area

), you need to have good extra currics (few awards in IITM fests - both cul and tech) and you need to write great and convincing essays.
2. If I take up the IIML option, I can go in for a PhD in management if my interests are to develop in an academic mould. Most said that getting admits to a PhD programme with this background in the top 10 univs would not be very tough. But then, that depends on how my interests take shape once in IIML.
3. If I were to get into a good B school abroad, I would have to take care of the expences (which are pretty high ~ 70 to 100 k $). An IIM degree costs about 4 lac (rupees) which is taken care of by the banks which are more than eager to extend you a loan.
I have taken cources in finance(2), operations(4) as well as marketing(1) in my undergrad. I did well in all these cources (GPA of 9.00) and my interests have not taken complete shape so far... This is a big hurdle ... If I can be sure about my interests, I can try in that direction.
Another problem is the nature of job responsibilities that I would be handling ... I would most probably be coding for the first 1-2 years. So, that may not be a great work ex for an MBA. Also this would mean that I would have to changed my field (mech to software) - a point that almost surely cost me an admit into IIM C. Though I am not interested in mech and would prefer the Oracle option over a core mech job any day, it would be difficult to explain.
So, any informed and well-reasoned suggestions are welcome ...