I am answering here because i was able to figure out the answer to the problem.
My workstation was reformatted recently and the reinstalled version of Perforce client installed was dated back to 2009. That explains why i was able to see Shelving support in UI previously but not after the reformatting.
I remembered vaguely that the Shelving support was relatively recent, so i upgraded to the latest P4V version and i am able to control everything through UI now.
Hope this helps anyone else facing a similar problem.