I just want to let you know that as you are thinking about MBA after several years of experience, means you want to move in management not a hardcore techie. So plan you future in a management area not in technical side.
I agree with Rahul that Part-Time MBA or Distance MBA isn't of much worth but yet at times it is not possible for some indivduals for economic or other reasons to pursue a full time MBA option so in that case what is the next possible option and that is to get a Part-Time MBA degree from premier institute like IIM, JBIMS, Narsee Monjee, Symbiosis, XLRI, etc. The MBA degree in this case will not only help you to advance in your current job but will also help you to move to a new job in a new company. I have seen cases of people who have made it big in blue chip companies after having changed their career and have done part-time MBA though such cases are few. What I am trying to say is weigh the options that are in front of you and select the best possible option taking into account your present circumstances and situation.
Thanks all for your valuable input. About myself, I am now planning to move towards management. I'll not be able to take up fulltime MBA due to personal reasons so will have to go for part time or distance.
Recently CTS replied to my application saying they cannot consider my profile as I am B.com graduate(Hope Admin will allow this message). Even many of my friends had the same opinion that after few years of experience what really matters is the experience and not your education background. But I didn't see the case.
As Ravi mentioned few names of the institue like IIM, JBIMS, Narsee Monjee, Symbiosis, XLRI, etc. do they offer distance learning?
If you are in Bangalore your best bet will be IIMB's PGSEM. It is a part time program but it has got an good image and the effort should be worth it. If you are in NCR you can opt for IIML's WMP which is a 3year part time MBA program.