I personally would say dont go for an online version unless you simply have no other option, your local area unis would have a part time MBA program, get started on that, or look for an executive MBA program.
Thanks X2 that is what I thought too. My company itself offers an MBA, all expenses paid, in collaboration with a reputed university but that is too binding from the perspective of minimum course load and time and effort required. My former boss started it but he quit pursuing it and told me not to go for it. It was his honest opinion. So may be local University it is. I will start exploring that possibility.