You could contact the seller you purchased from and tell them about the issue and see if they can replace it or contact DJI support and ask them for help.

Are you btw running the lastest firmware update on it?

What is the latest version for it?
I guess the version 1.0 right?

Yes V1.0 is the latest and the last update

Again a road block!
Will give it some more time and see...

Yup, whose video did you refer to while setting up the Naza and the taranis?

I referred to multiple, do you have any best so that I can re-try, may be some luck I could hit!

i had followed Dennis Baldwin on youtube to set up my system

I too referred his for Taranis Setup!