Ok, but if you fail in a subject, your Graduation/Convocation certificate would say what..? Won't it show your third year marks..? (Please clarify).
Process is the same in all colleges. Last date of submission of all documents for all batches is September of that year.
If someone fails, how will he get a convocation certi????

convocation waise bhi mumbai uni wale aaramse dete hai
Dude, but how can you already assume that you are going to flunk this year..? Relax, every question has a solution.
The eligibility criteria (Page 8 of Application Brochure) says that you need a minimum of 50% aggregate (all three years combined) showing in your Convocation Certificate. Now, if you do flunk the third year (which I hope does not happen) you need to rush to the University Campus and ask them when would be the earliest that you can re-appear for the paper that you flunked in. You can put forward your case and persuade them by saying you got 70% aggregate in the course and you got XYZ%ile in the CET, etc.
The reason why the last date is September 25 of each year is because KT exams are held in October (of each year) and the University does not want re-appearing candidates to to submit their documents at any later stage. Extension will not (cannot) be given by your college as it is under Mumbai University jurisdiction (your documents are the universities requirement and not your college's so the college cannot do anything about the dates).
Hope that helps.
Arey Bhai, visit Mumbai University one day, ur entire day will go bad, there no one is least concerned, nobody will pay attention to u, u will be made to run from one place to another in the huge campus , kicked around like a football .
they dont entertain any requests of any sort, in fact they are quite stupid, typical government ppl
Due to this many ppl have had to cancel their admissions in foreign unis as well.
And in fact such a thing happened with one of my friends last yr, he failed in a subject in 8th sem, he had to cancel admission in MMS, he tried everything, there was no solution, and do u know the irony? he cleared in reval...
In case of PGDM, college is the authority, u can request the college for an extension, but there are no guarantees that the college will listen