Hi Saaritha,
If your friend is working already, I would suggest him to go for MBA rather than M.com.
Though MBA from distant education doesnt make any difference, but if the person is already working somwhere then it definitely will help as if provides additional qualification along with experiece and may help him grow in the organisation.
Also i would like to refer SMU (Sikkim Manipal University) for pursuing MBA through distance education. They have widest network of learning centres across India. They provide classes on Saturday and Sunday at their learning centres.
Also major difference between SMU and other institutes (like Symbiosis etc.) is that they grant you Diploma after two years course whereas SMU provides DEGREE.
If you like this then please let me know. I can provide you with the soft copy of the PROSPECTUS..