Will the the tension in string T1 be equal to the tension in string T2 (if not what is the relation)???? Also what will be the velocities or accleration of the two masses in the above setup????????

Hi Suyash ,i think this might helpTension would be same as the string assumed is uniform and same attached for both blocks.Drawing both separately free body diagrams and solving equations. we get,For M block,Mg – T = Ma.............(1)and for m block in horizontal and vertical direction ,Tcos37 = ma..........(2)solving both eqns. we get,T = 5mMg/(4M + 5m) Na = 4Mg/(4M+5) m/s^2.