Finally I was able to solve my clipboard cut/copy problem in Ubuntu VM.
Here are the steps I followed to solve my clipboard issues.
// Find out the process id used by clipboard. You will two dependent ID created at the time of boot up.
#> ps -ef | grep -i clip
// Kill the process that is running the clipboard
#> kill –9 $ProcessId // Process ID from the process listed from above command
// Execute the clipboard manually.
#> /usr/bin/VBoxClient —clipboard
//Check the id using pstree
// Check the process id again to see if it is running properly.
#> ps -ef | grep -i clip
// Use pstree to check the linking of the processing.
#> pstree -sp $Provide your process id retrieved from above command.