I had posted my trouble in this thread.http://www.canonrumors.com/forum/index.php?topic=22495.0
And since then I have seen one other person saying the same. I tried all the suggestions that you nice folks had suggested but still the same outcome. Except jdramirez. I didn't try what he/she suggested till today and you bet that was the issue. I still couldn't be sure so ….
I called Vello, absolutely no help. They said I should buy another wireless remote which is on sale!!
Then I called Canon. They said that in Live View(irrespective of AF mode, quick or live) remotes won't work as the sensor is hunting to focus. But, if I switch the lens to MF then it would and this is what I found while playing with it again prior to calling them!!! They say that likely in low light the camera is unable to focus without the focus point that is active while shooting through the viewfinder. So neither the camera nor the Remote release is malfunctioning. Thought I'd let folks know so others might benefit from this.