Direct Entry Scheme

I need to know what is the % of marks required for direct entry. ICAI announced as "agg. of min. of 55% of the total or its equivalent grade by recognised univ., by studying any 3 papers of main subjects." I need clarification on :
1. whether 55% of aggregate includes language subjects also?

2. Or should we take only the highest marks scored in any 3 subjects of mentioned subjects?

3. What is the recognised/open university? Is it not applicable for colleges having regular course?

4. In the direct entry form, there is space only for 3 subjects to enter.