Thanks Mufy, thanks a lot.
I chnaged my CMOS bat.(which had got dead several days before) and now linux is working fine
The idea struck to my mind when I saw the next thing kernel do after configuring its parameter, it was clock.
Mufy , I think you are more touch with the forum so please if possible convey this to those who suffer with this problem because I dont want anybody waste his time on this problem as it took me around 2 weeks to resolve.
sorry for anything wrong in my words,