I tried what Laurent K had suggested and it works.
Just used JBoss remoting 2.5.0.SP2 with JBM 1.4.0 in JBoss4.2.0
and patched the
org.jboss.messaging.util.JBMExecutor run method with is Privileged block.
Moving to JBoss 5 was not a feasible solution for me and so had to find a quick fix with JBoss 4 itself.
Thanks Laurent .
-Poonam.