As a followup I would like to intimate that the problem has been solved and the car is back on the road. I had a satisfying test drive today.
Since I could not find a good tranny mechanic, I went to Lancer House in Bilal Ghanj. After narrating the complete problem he declared that tranny has gone kaput. He quoted Rs 25000 for a Kabali CVT including surrendering of my faulty CVT. I asked him about the mechanic who is going to do the job. He reluctantly referred me to Fiaz Auto Mechanic in Bilal Ghanj. First question Fiaz asked after listening to me was, does the display show P, R, N, D, L. After I told him that it does not, he said that first get the car cleared electrically then come to me. And he was 80% sure that this was electrical problem. I consulted an electrician there as well and he was 90% sure that it was an electric problem which he will solve using high end scanners that analyse the data and provide info on different sensors. Based on this very important information I started searching the net and I found out that there is a component called Transmission Range Sensor. This item actually informed the PCM which position the gear is in. If this component becomes faulty, there is a possibility that the car does not start or if it starts goes into a limp mode as a safety precaution. I located this component which sits on top of the tranny under the battery. Got replacement from Bilal Ghanj for Rs. 1500.- . and my car is back on the road.
I would like to thank everyone that contributed to solving this problem.