As I can see many people have suggested that you shouldn't wait for may mat because re-appearing for MAT in MAY won't assure that you will definitely get good MAT score this time.
Instead your strategy should be to appear for CAT, MH CET and look for other mba entrance exams....even TANCET is good option...
See the idea is don't waste your year...instead find alternate mba options.
Do one thing prepare a list of following things:
- Upcoming MBA Entrance Exams in India (Apr-June 2010)
- Explore options of Distance Learning MBA - Symbiosis
- Since you are interested to do MBA only for top 50 colleges then you should prepare a list of top mba colleges by stream based on your interest. For the directory you can find several options on the web, one such option ...check this: mba colleges
Once you have the list of exams and colleges based on your interest then you would in a better position to take your career ahead.
Hope this was useful and not too elaborate.
In case you have any confusion feel free to ask me.