Thanks for Rapid Response Jaikiran,
I've attached logs in the file. Please have a look. It seems to be failing for MessageDriven annotation. Don't know why..
Another question looking at logs, Why is it trying to lookup for file D:/jboss-7.0.0.Beta2/bin/content/efp.ear/lib/iText.jar whereas application is located at D:\jboss-7.0.0.Beta2\standalone\deployments\efp.ear\lib\iText.jar, Assuming that "bin" is temp directory then, it should have all jar files.
application structure is
efp.ear
+--- lib
+--- ejb.jar (containing stateless/messagedriven beans only)
+---- other.war files