I just got the issue resolved with the help of vmware support. Here it goes.
The original virtual machine was installed on an ESX host with vshield on it.
It was then copied to the secondary ESX host.
The VMX file has a line that states "ethernet0.filter0.name = "vshield-dvfilter-module""
This lines was removed and then the virtual machine was removed from inventory and then added back to inventory.
At this point, the virtual machine gained the correct network connectivity.
Apparently, the vshield "agent" line in the vmx file is not removed when the virtual machine is moved to an ESX server with no vshield agent located on it.
Thank you everyone for your insight and quick responses.
Hope this helps everyone,
- DRM