After many filed attempts to configure Thunderbird as the mail client for M$ exchange server, atlast succeeded in the attempt. Will give a brief overview of how i configured Thunderbird for MS exchange server. The process was fairly simple all you have to do is
1) Select Incoming server type as POP mail server
2) Dont forget to select "Never" in "Use Secure Connection" column.
These are the two options that need to be taken care, all other options are straight forward. The outgoing SMTP server address should also be given, which might the same as that of incoming server. With these options i was able to configure Thunderbird for M$ exchange server. One problem i encountered while using Thunderbird for M$ exchange server is that i was not able to keep track of calendars and meetings. Found one good addon for keeping track of meetings and appointments, called as RememberFox. RememberFox is a addon for firefox and thunderbird, that is used to keep track of meetings and appointment. RememberFox looked really cool to me.
Since i used outlook for one month was unable to keep track of the sent mails, deleted mails etc and finally decided to switch back to M$ Outlook. This is where got stuck with the format clashes. Outlook uses the proprietory .pst format to store mails while thuderbird uses .mbox format and stores it as a separate file called Inbox. The method was to export the .mbox file into .eml file(which looked more like plain text file with all mail headers) using a tool called IMAPSize. Then using Outlook express as an intermediate the mails can be exported to Outlook. Check out the IMAPSize home for a detailed description about the process.
My aim was to configure GNUS or Mutt and to use them as my mail clients but still i am not able to do that. Probably should try that after bringing my system here to my new home.