The major challenge came in when I tried to unsubscribe to the service, sending the text UNSUBTV to 54321 did not generate any response, and as I write it's been over 10 days since I have been trying to unsubscribe to this service, called up multiple times to the customer care (I don't know why they still use the word "care", "scare" seems more appropriate) and nodal officer.
Looks like in a hurry Airtel actually forgot a way to build an un-subscription option in this service.
Any of you out there facing similar issues ?
Update - 24th May 2011
Finally Airtel Mobile TV was unsubscribed. Teaches me a lesson not to subscribe to any more Value Based Services from Airtel again. :-)