Hi Gotu,
I had the exact same problem while playing my DivX or Xvid files. The problem is that in the Indian Live Marketplace this Optional Media Update is not available for download and hence you get nothing when you press that "More Information" button.
This is how you get around this problem.
1. Sign out of your Xbox profile.
2. Create a new profile/gamertag.
3. Connect to Xbox Live with it and select US as your base location (this means you'll have to create a US gamertag).
4. Then provide all the details it asks for connecting to Xbox Live US (you'll have to enter a valid US City, State and Zip Code for connecting --- you can look up any address in US on the web and provide it here).
5. After connecting, select your membership which would be silver (if you have got your 1 month gold free membership remaining do select it).
6. After connecting to the US Xbox Live, go to the Marketplace Blade.
7. In there go to "Game Store" then select "All Games" from the list. From the next list select "Optional Media Update" which is a 2 MB download. Download it to your Xbox.
8. Thats it!!! You are done. Try playing your files once more.
9. When you have varified that your files are working you can sign out and login to your Indian Gamertag and play the files again.
Once the update is applied, it is valid for every profile on the system. This is tried and tested method which I've tried on my system. If you have any more questions, message me on my gamertag or reply to this post and I'll try to answer.
Regards, Boltress