@zunny spent the complete weekend experimenting with the cluster as I don't believe in electrician or anyone to do a better job then me :). And secondly they also resort to hit and trial, rather they (the mechanics) are very careless in handling your car as 'un kay baap ka kia jata hay'.
So Opened the cluster and removed the buzzer and LED (at the bottom right corner of cluster) through solder. Have following observations:
1. No need for removing the key-in sensor wire (small white connector near ignition switch) in Altis. Probably needed in GLi only.
2. The white wire at connection no 29 in the main cluster connection is the one that delivers power to retain clock/date parameters.
3. A brown wire at connection no 31 is the main supply of power to operate/illuminate the complete cluster.
Now my problem is that when you switch off the ignition, the white wire has to be disconnected for a second and then connected to overcome the problem of the dials illumination (i.e the power remains ON in the cluster when the vehicle is switched OFF). However, at times during this operation the left indicator arrow switches OFF and it only comes back once the cluster is removed completely from the E46 connector (main connector). Any suggestions will be appreciated please. One thing more if this white wire is disconnected for longer duration the clock/date memory is reset. In case the brown wire is disconnected for longer duration the memory of clock/date is retained, however, in this case the chances of left indicator arrow switching off are more.