Hi Krunal,
Thanks for your detailed updates. From the description and screenshot, I see that you are using the Office 365 pre-upgrade plan.
From your first post, I understand that you've migrated from the on premise Exchange server to Office 365. In this situation, it is recommended to remove the account from the android device and re-configure it to connect with Exchange Online. For detailed steps, I do suggest you refer to the article below:
Set Up Exchange E-Mail on an Android Mobile Phone
http://help.outlook.com/en-us/140/dd940179.aspx
If the issue persists or if you need further assistance, feel free to let me know.
Thanks,
Aaron Yuan