Hii Syed!
No, if you don't make it into the merit list, lets say, if not even in third merit list, you will not be allowed admissions into the Fergusson College, Pune. This is because, only if your name appears in the merit list, you are called to reserve your seat. If not, you are not called. Mostly, seats are filled by the end of third merit list, so there's no more chance left.
Hope this helps.
Good luck!