I have recently formatted my hard drive through disk utility and trying to reinstall OS X through the recovery mode but it comes up with the attached picture and the laptop is not going to its Recovery mode. Also i have realised when i press alt Key during the boot process i dont see any hard drive there.
This occurs when there is no information on any hard drive that the computer can process. This means that at some point you likely accidentally deleted the recovery partition of your hard drive. There is no regular recovery partition so the computer has no idea what to do.
You need to have a bootable USB drive to do anything with that computer besides use it as a very expensive paperweight. Find a USB drive and someone with a Mac and make yourself an OS X (or MacOS) install disk. Then boot from that drive (by holding down Option during boot). Then wipe your internal drive and install the OS (which will automatically install a recovery partition).