@ashok baijal,
For the main pivot to be strong and slop free, use 2 pairs of ball bearings of 3mm i/d, to fit CF shafts.
Hobbysea.com has them (3x7x3 & 3x8x3). You will probably receive within 3 days.
And try reducing the throw.
ESC sent, Speedpost ref EI021593848IN.

@Iyer
This being a trial version will not attempt using bearings. Will try in the next version. Yes, the throws he d to be reduced.
Thanks for the ESC. Will return it once I get mine.

Progress as on 17-07-2015
1. Made front landing gear. Used a cycle spoke and after coiling it shaped it into a landing gear leg. Inserted a small piece of wood at the end of the leading trike leg to support the landing gear. Also inserted a small piece of brass tube to work as a bushing for the landing gear. Attached the landing gear to the steering servo.
2. Prepared two balsa fins for the rear tyres which were attached to two L shaped alumimum supports epoxied to the rear leg supports. Used two 3mm bolts as axles
3. Extended the elevator servo arm to reduce the elevator throw and reattached it to the elevator servo.
4. Changed the aileron servo from a 9gm HXT servo to a Futaba 3003 as the torque provided by the HXT servo was not enough to support the wing in the desired position.
5. Strengthened the wing frame by adding two more pieces of carbon tube as the trike being of aluminum is heavier than expected. Attached it using a triangular piece of lite ply and glued it with cyno.

More  ...

...looks neat Sir...

Thanks Bmbib. Just hope that it flies as well.

Sir, could you post a small drawing of how the wing moves up, down, left, right... I am a bit confused

The wing pivot is based on the principle of a two axis gymbal. The elevator axis is supported by the two trike pillars whereas the aileron axis is the inner box with the aileron servo. Just see the build pictures above and see how a two axis works.
There are many ways to build such a mechanism. You can also try out a pan and tilt servo setup used for fpv video. Just see how they work and the idea would be clear. I took my idea from a gymbal used for stabilisation.
Difficult for me to draw as the setup needs to be drawn in 3d to explain its working but once you try it out practically, you will find it to be quite simple. One axis setup needs to be inside the other axis so that they are independent of each other.

Then I will be better off using a one axis (elevator) control for the wing and one servo for rudder. That is effectively 3 channels.

or you could manage the pitch with throttle alone like a paraglider and roll axis with weight shift. i believe it is much easier.

i thought of doing similar thing but sold off my kite.

There are many alternate ways of making a flying model using a Rogallo wing right with a rudder and elevator.The trike I have designed is a true weight shift design as there are no ailerons or elevator on the wing. The trike is actually moved around the pivot which shifts the trike position relative to the wing and is actually shifting the cg. In a real trike the cg is shifted by the pilot by moving the trike around the pivot using a control bar. This action I have tried to mimic using the two servos.if this is successful, my next model will have a robotic pilot which will be moving the control bar. The design is in my mind but development depends on a successful flight of this model. I love to build scale models as near to the real thing rather than just flying objects. Just my personal  passion.

Exceptional   

Added the roll axis control (refraining from using the word "aileron") rods which will also second as struts for the wing. Next step would be covering the wing, adding the electronics and wait for a good day to go out to check its flyability.

For people who are confused by the words elevator and aileron used above, please treat them as pitch axis and roll axis respectively

I have understood what to do thanks to your pics and description.

Wing covered and installed. Used tape for attaching the wing cover to the leading edge and the central spar. Attached the wing frame to the trike using cable ties.

Wow ... That's coming on great sir ... All the very best for the maiden

wonderful......what I did was I stiched the wing and sealed the ends with hotglue.

@Topalle
This is the beauty of this hobby that a model can be made in upteen ways and that is what sparks your imagination and creativity.
@Docnayeem.
Thanks

The real test now awaits. Will it fly?   Right now it is raining or when the sun comes out it is too windy, keeping my fingers crossed.

  i like the l.gear cover.

@ashok baijal
Perhaps a photo using a table fan to fill the wings, to show what it's really like...

As desired by Mr Iyer. Photo from rear and front o the wing inflated with a fan.

Will paddlestand fans in some marriage hall will simulate?

Any source of wind should do the job

Ready for testing. My workshop is full so sharing the bed with me for last one week. Waiting for a fovourable day with some calm winds and someone to hold the camera

The finished weight of the trike is pretty heavy for the wing size. Though I added an additional carbon spar to reinforce the wing, the weight of the trike is enough to turn the servo. As such decided to scrap the aluminum trike and will build another with alternate materials. The rework will take more time than the sweepstakes end date. As such, withdrawing this entry. Nevertheles,  this has been an interesting project. Will carry it further later.