Hello pranay036!
Yes! We encourage you to compete in more thn one competition. However, as per the Official Imagine Cup Rules, please note:
If you compete in more than one Competition either as an individual or as a member of a Team, and you and/or your Team is invited to compete in the Worldwide Finals in more than one Competition, you may only compete in one Competition at the Worldwide Finals. In other words, you will be required to choose one Competition in which to compete at the Worldwide Finals.
Please be sure you have read the Offical Rules document and also the Rules of each competition you may be participating in.
Official Rules; Go to > http://www.imaginecup.com/Competition/Rules-Regulations.aspx
Thank you! Imagine Cup 2012 Team