VirtualBox USB Proxy Service Error

I was getting this error in VirtualBox whenever I was trying to access the settings of any VM.

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Failed to access usb subsystem

Could not load the Host USB Proxy Service (VERR_FILE_NOT_FOUND). The service might be not installed on the host computer.

Result Code:
NS_ERROR_FAILURE (0x00004005)
Component:
Host
Interface:
IHost {f39438d7-abfd-409b-bc80-5f5291d92897}
Callee:
IMachine {ea6fb7ea-1993-4642-b113-f29eb39e0df0}
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Found out a fix for this in ubuntu forums: (Thread: http://ubuntuforums.org/showthread.php?t=918007)

safeer@linux-lp-01:/tmp$ VBOX=$(grep vboxusers /etc/group | sed 's/vboxusers:x:\(.*\):.*/\1/')
safeer@linux-lp-01:/tmp$ sudo mount -t usbfs -o devgid=$VBOX,devmode=664,nodev,noexec,nosuid none /proc/bus/usb

Make sure that VirtualBox is not running while doing this. This will fix the issue temporarily. To make it permanent mount the usbfs filessystem permanently in fstab under the group privilege of "vboxusers"

First of all, find out the gid of the group "vboxusers".
safeer@linux-lp-01:~$ grep vboxusers /etc/group|cut -d ':' -f3
130


Then mount usbfs permanently by adding this line to /etc/fstab.
safeer@linux-lp-01:~$ sudo vi /etc/fstab
Add:
none /proc/bus/usb usbfs devgid=130,devmode=664,nodev,noexec,nosuid 0 0
Please note that the devgid(=130) is the gid of vboxusers group that we collected earlier. Other options are included for security.
safeer@linux-lp-01:~$ sudo mount -a
safeer@linux-lp-01:~$ mount|grep usbfs
none on /proc/bus/usb type usbfs (rw,noexec,nosuid,nodev,devgid=130,devmode=664)

This resolved the issue.