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Dear,
You are eligible for doing regular MBA. You must have 50 % in your degree and also clear MBA entrance exams like MAT, GMAT, CAT, etc.

MCA offered by Wisdom School of Management is a Distance/Correspondence degree.
For details please refer: https://www.shiksha.com/it-software/course/master-of-computer-applications-wisdom-school-of-management-lucknow-244209

Students who wish to appear for improvement exam after class 12th do not usually get the chance to attend the school regularly as per CBSE norms. So you will have to study at home and you can appear for the improvement exam at your own school.

Eligibility for MBA programme:
The prospective applicant must satisfy one of the following eligibility criteria for admissions to the MBA programme. A graduate degree under 10+2+3 or 10+2+4 pattern under any discipline, securing at least 50% marks in aggregate, from a recognised university.

Hi,
Well, it is not legal to study a regular degree along with another degree through distance education, as only one degree will be considered at a time, when you go for a job interview. But, you can do it, if you want to. It is not a crime. There are many people who do this. You can just show one degree at a time which you require the most at that job.

Hello Hemanta,
If only one semester of ITI is remaining, then I would advise you to complete it and then proceed for B.A.

Hello Dikshali,
The calculation is done over the percentile basis. For that your percentile must be greater than 90, then only you could get admitted into the top most government colleges for MBA.
All the best.