Finally got it working last night. It was a problem with the internet connection. The internet connection is shared using Squid proxy; apart from that there are 6-8 users connected directly to the same connection. When there is only a single user connected, that user can access the OpenVPN Server. As soon as a second user connects to the internet using the same connection, the connection to the OpenVPN Server is reset.
Thanks for all your help and guidance. IT WORKS!!
