Hi, I have completed my PGDM in Marketing from Ishan Institute of Management and Technology which is a AICTE approved organization. Will i be able to pursue PHd in management, if yes what would be criterion for selection

You need to contact good Universities like Delhi University, JNU or Amity. PHd in Management is quite rare but definitely has lot of value. The criterion for it would initially be the availability of a guide under whom you can do this PHd.