Just managed to figure out!! I SSH'ed into the box running retropi and ran emulationstation from that console . When i did that, emulationstation appeared on TV (great). When i ran game, i saw a menu that says to press a button to configure, and there I've seen to run with verbose logging. When game exited, i opened up /dev/shm/runcommand.log file and saw that umk3-u2.bin file was missing. So I've kept on looking for 0.78 romset mk3 files until i found that there is umk3-u2.bin file in one of them ! When i found it, I've copied that one to arcade dir and ran it without issues!!! I love mk3 ! Now all i have to do is find my notebook with special moves written on it for every character which i collected during old days ! Ahhhh, that takes me back! Thank you, all of you for assisting ! Would not have done it without you!