Above issue is fixed. Wise man guided me to solve this problem. Lack of import services in client ejb bundle packing is is the main problem.
Ejb client bundle must import following packages along with above jboss 5.1.2 client binaries .
javax.management,javax.naming,javax.naming.event,javax.naming.spi,javax.net,javax.net.ssl,javax.rmi,javax.rmi.CORBA