Dear Paul,
Thanks a lot, it works like a charm. My purpose is solved.... almost. Could you please provide me a slightly modified version, which can do the same for only the first occurence of #, instead of doing it for all occurences in one go? Since the problem I mentioned was in fact a part of the bigger problem and I need to do some additional formatting everytime after deleting the text to the right of # in the cell. I can repeat this macro multiple number of times.

Secondly, I am quite worried that the macro which I had written (recorded) earlier by myself did not work the way I wanted. The worry is mainly due to the fact that what seems working when I use the manual sequence of operations using keyboard/mouse (and even when recording the macro), doesn't work the same way when the recorded macro is run. That is, when I press the del key repeatedly in a table cell in the middle of some text, the letters to the left should not be deleted, but running the macro actually deletes the letters to the left also. I would be thankful if you can throw some light (and possible remedy), since I mainly rely on recording macros rather than writing scripts as I am not conversant with that.

Thank you