Are both the PG courses valid?

Persueing two degree courses at the same time in regular mode are not allowed as per the notifications issued by UGC in 15 Jan 2016 vide F.No. 1-6/200CPP-II).
But in your case, you have MBA degree in regular mode while M.Com degree in distance mode. And as per the UGC notification D.O.No. 1-6/2007(CPP-II) dated 28 December 2012 two degrees ( one in regular mode and another in distance/ open mode) are allowed. So, don't worry. Your both degrees are valid and you can mention details of these degrees in your CV as well.

Yes, you can mention both the degrees, since as per directive of the university guide - line one cannot persue either two courses in the regular mode or otherwise if being done concurrently.
In your case, such a situation is not applicable and hence, there would not be any issue for the acquisition of your qualifications.

As per UGC stipulations one regular and one correspondence course are allowed simultaneously but not two regular courses. So in your case as one course is in regular mode and other is in correspondence mode so there is absolutely no problem for mentioning it in your CV and presenting it for the verification. This is the additional qualification and you should take advantage of it in your all the opportunities encountered at this stage.

Earlier University Grant Commission (UGC) did not allow for 2 degrees of any kind to be pursued simultaneously. Later there was a representation and appeal from the public forums and student groups and case was heard in the court and finally a direction was given to UGC that one regular and one correspondence course can be accepted simultaneously. So, it was then made clear by UGC for the same and at present one can pursue 2 courses in such a manner. One thing which is important in this context is that only those students should do it who can take the load of so much study otherwise there is a risk of getting less score in both the courses and that might not be a good thing for their future career.

A course in regular college and a course in distance mode are allowed as per the UGC rules and regulations. So what you did is legally acceptable and you can show both qualifications in your CV without any hesitation. But show clearly which qualiifcations was obtained in regular mode and which course in distance mode. This will give a clear idea to the person who is reviewing your CV. If you are making a customised CV for each job show the relevant qualification first and then the second qualification next.