BINGO !!!
Thanks Venkatesh for the quick turn around.
I just started working on it there are few basic questions that come in my mind. Can you please clarify them?
1) As per the documentation I know that we have to create any UI elements in JS using this.createId("ID") that way it appends the View details along with the ID to provide uniqueness when multiple views are being used. When I want to access this UI elements in controller I am able to do it by giving this.byId("ID").getValue(). But this same method does not work inside the View. Either I can access it with the instance of the UI element or by view.byId("ID").getValue(). Is there a reason behind this?
2) If I have to write the above code by following the MVC pattern, I can take the button action to the controller. In this case should I need to declare the Model definition in the controller and bind them in the view or get the UI element details in the controller and bind them directly there? Which will be a better approach / accessibility?
3) What is the best way to define Global attributes that can be used across the Views and Controllers?
4) How to get the View instance and controller instance from a different file?
Sorry, I put too many basic questions that are spinning around my head to get it straighten out 
Thanks,
Nagarajan.