I will have the codes checked by honda, but I had performed a test which shows that the vehicle ECU knows that the car is moving. If the car is in stationary, the rev limiter kicks in at 4.5K. when in gear, I simply press the clutch and then rev the car, it goes right upto 6.5. Plus I had also done the cluster check to check if all guages and lights are working on the cluster and it was okay.
Someone also in my office suggested to replace the air filter element(which was genuine honda from honda 3S and had done 4000KM). As per him, it might not be allowing full air to the engine at high rpm. (It may be faulty).
One can take the car beyond 120km/h to 130~135km/h but its like driving a car against a head wind with the car rocking to and fro (jerks are not that hard.. smooth rocking, like its gasping for AIR or fuel).