There is a lot of technical stuff and debate going on here. I really appreciate the effort of yungman for helping me on my doubt although I'm not that technical sound in physics (I'm a undergraduate student in computer science) to understand and comment in any debate going on here. Still I want to learn physics more and plan to do my further study in physics. Presently I'm studying electromagnetics from 'Fundamentals of electromagnetics with Matlab'. Please suggest me a better book if it exist.
I have 8 books on this subject. For serious engineering EM, the best would be "Field and Wave Electromagnetics" by David K Cheng. And I would suppliment with "Introduction to Electrodynamics" by David Griffiths. Something about Davids that they write good EM books!

Not to mention "Classical Electrodynamics" by J David Jackson! Forget this book, this is the holy graile of EM.

One thing that I have concluded is that I need not worry a lot about the signal delay when working on electronics. It happens quite fast (close to speed of light).
For now, I don't think you need to worry. I've gone much deeper than what you were asking because I so wish someone would tell me about EM instead of voltage that travel on the wires. I had been confused about this for a long time.
What I intended to ask was in case of a 'very long wire' take large enough for light to travel. Suppose light(EM wave signal) take 10s to travel along the wire. When I apply a voltage of 5V at one end at t=0, a voltage of 4V at t=1, 3V at t=2, 2V at t=3, 1V at t=4 and finally 0V at t=5 what is the voltage as different times at the other end.
Some points that I would like to get answers for specifically are ::
1. Once the TEM wave reaches the other end, does it take neglegible time(no time) for the voltage on the other end to rise to the voltage information that TEM wave carries.(voltage applied on the first end)
2. When the wire is long enough if TEM wave is in the way to the other end and I change the voltage on the first end. what is the voltage response as a function of time on the other end..