Can a legal action be taken against University rules?

I am studying Engineering 2nd year in a college affiliated by Visveswarayah Technological University in Bangalore. We have a Critical year back system which means that if we have even 1 back log subject from 1st year ,we are not allowed to Enter into 3rd year of engineering and if we have even 1 back log subject in 2nd year, we are not allowed to enter 4th year of engineering . I happened to have a single back log subject from the first year , i recently completed the 2nd year final examination too. i think this kind of system will threaten my Future. Now due to this critical year back system i will have to waste this whole year ,sit at home and when next exams start i will have chance to clear the subject. I feel that Just for a single subject wasting a whole year is not Fair at all. This is not just my problem , It is a problem for lakhs of students from all arround Karnataka. what should we do.?