No, student should cleared graduation in Specialisation for MBA admission as well.
Entrance Exam is for Student u can eligible for Higher Studies.
MBA is a Master Degree it requires bachelor Student to pursue master degree.

Thanks,
Azim

As MBA is a master's degree it is required for the candidate to hold a bachelor's degree. So, you should get yourself a bachelor's degree first. Most universities allow lateral entry for Diploma hoders. Now, all you have to decide is which bachelor's degree you want to hold: a engineering degree or your other option would be BBA.