Dear Chetan,
I came to know that AICTE/UGC will consider the colleges for accredition only after 5 years of their establishment.
Even ISB had the same problem (I donno if they sorted it out). But ISB says that as it neither offers a diploma nor a degree they have not sought recognition for PGPM from either the AICTE or the UGC.
When it comes to Satyabama and other institutes (which are deemed univs), AICTE made a notice , which apparently states that B.Tech degrees awarded by deemed universities would not be recognised, unless the courses were approved by the council.
More info can be found at
http://youthcurry.blogspot.com/2006/...ars-of_03.html
I feel there is no point in worrying abt AICTE approval and things now. Anyway it takes 3 more yrs for GLakes to file for accredition consideration. But one of the main problems would be that it may stop students from enrolling to phd progs in USA and other parts of world. But then I feel there will be some kind of solution for this too.
..Glimmer