Entry: /sbin/modprobe ip_conntrack_ftp
was already there in /etc/rc.local
still the module was not loaded by default, Since iptables unloas all modules automatically everytime it starts.
ip_conntrack_ftp 76273 0
ip_conntrack 45573 1 ip_conntrack_ftp
IPTABLES_MODULES_UNLOAD="no" # Makes all modules to be persistent
Restart the service and check whether the conntrack module is loaded
# service iptables restart
# lsmod|grep ip_conntrack
Worked liked charm. Now i could login to the ftp service and enter passive mode.