My application runs fine when I execute it from Exchange Server Machine itself. However, if I run it from another machine of the same domain, then I get the error. I am using Outlook profile of the domain administartor to access the information store so this should not be a permissions isssue.
Any pointers to what could be the issue here? Also if someone has msdn link for descriptions of the parameters of this function and that of IExchangeManageStore then please let me know.