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Hi Sandeep,
Candidates wishing to enter the navigational and engineering fields of Merchant Navy need to complete their B.Sc. degree in mechanical or marine engineering, before they can gain admission to the field. In some cases, students who have completed their 12th with PCM (Physics, Chemistry, Mathematics) are eligible to join as Deck Cadets. Navigating Officers - Candidates will need to obtain a Certificate of Competency, as per the regulations in India relating to the examinations of Masters and Mates. Conducted by the Ministry of Surface Transport, in association with the Directorate General of Shipping (DGS) Mumbai, the examinations help determine the promotion prospects for the officers. For training, the best training institution for the navigating officers is the T.S. Chanakya. Candidates who qualify from here, that is complete their first certificate of competency of Second Mate, need to go through a three year training in Nautical Science (B.Sc.) and then complete a year's duration of practical training in the deck department of a merchant ship.Selection is based on the Joint Entrance Examination given by the IIT; a merit list is prepared after the written test and interview are completed and the Director General of Shipping has the authority to chose which of the 2 training programmes the candidate is best suited for (students can let their preference be known) Both the T.S. Chanakya and MERI institutions do help (under no Government obligations) in recruiting their graduates in suitable Indian Shipping Companies.As far as remuneration and other benefits are concerned Merchant Navy is one of the few careers where the salary is relatively high. The pay is definitely different from company to company, depending on the city, country, export and import needs, seniority etc.
Hope this information helps. Please feel free to revert. Click on the thumbs up or mark it as the best, if you found this useful.
Wish You Luck!

Obviously your B.com result would be taken into consideration .
In order to pursue this program you need to be graduate in any field with atleast 50% marks in graduation, plus you need to take various management entrance test like CAT, MAT, XAT, SNAP, etc.
The selection process in B-schools generally consists of :
A. Past Academic record.
B. Scores in entrance tests.
C. Group Discussion.
D. Personal Interview.
E. Work experience.
Please note that each B-schools shortlists candidates for second stage of selection process which may be independent of each other.
The process may include
- Written Test.
- Group Discussions.
- Personal Interviews.
Performance in various management entrance tests is an important component in the admission process.
B-schools may use previous academic performance of the candidates, relevant work experience and other similar inputs in short listing and ranking of candidates at various stages of the admission process.
The processes, academic cut-offs and the weights allocated to the evaluation parameters may vary across B-schools.