I got it working.. and below is what I did,
Instead of explicitly removing the Rendering, I simply updated the DataModel Data with calculated value for cell where I had button element rendered and then called Grid Refresh which automatically invoked the Render callback function but now data is available so it automatically removed the Button element.
Although it works, just wanted to know if this is the right way of doing it, if not please advise the correct technique
Regards,
Adarsh