Yes, they would carefully analyze the backlog even after you cleared it in the third semester. The certificate provided by MAKAUT clearly mentions the year of passing, which is a disadvantage for students with a backlog. Some companies give preference to students without a backlog; in such cases, you won’t be able to attend the interviews. But many giant recruiters are looking for the talent and skills of the candidate, not the mark list. Try to score a minimum of 60% in your academics, which is the basic eligibility requirement to appear for placement. So do not worry about your backlog and strive hard to clear it in the third semester itself.