Yes friend you can definitely give improvement exam on one subject or on any number of subjects which you wish.
As far as I know June is the last date to register for the improvement exam.
You will have to give a written application to the Principal of the School, who will register you online for the entry to the ISC Examination.
If you want more details you can send e-mail to the council. The email id is council@cisce.org They help you real quick.
Good luck :)
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