Facing issues with LDAP_X_OPT_CONNECT_TIMEOUT option.

Hello,

        "LDAP_X_OPT_CONNECT_TIMEOUT" documentation says that it allows  to 
control the TCP/IP timeout. But in my sample program this option is not 
working as expected. I have set the TCP/IP timeout value as 60000 
millisecond. If IP address of LDAP server gets changed after the successfull 
bind operation, ldap_search_s() API is returning after 15 minutes of TCP/IP 
timeout period on linux platforms even if i have set the 
LDAP_X_OPT_CONNECT_TIMEOUT value with 60000 millisecond..
Following is the code

#include <stdio.h>
#include <stdlib.h>
#include <string.h>
#include <time.h>
#include <ldap.h>
int main( int argc, char **argv )
{
     LDAP *ld;
     LDAPMessage *result, *e;
     BerElement *ber;
     char *a, *dn;
     char **vals;
     int rc,i;
     /* get a handle to an LDAP connection */
    if ( (ld = ldap_init( "10.88.176.137", 389 )) == NULL )
   {
       perror( "ldap_init" );
       return( 1 );
    }
    int    timeout = 60000;
    if ( ldap_set_option( ld, LDAP_X_OPT_CONNECT_TIMEOUT, &timeout ) != 
LDAP_SUCCESS )
    {
                rc = ldap_get_lderrno( ld, NULL, NULL);
                fprintf( stderr, "ldap_set_option: %s\n", ldap_err2string( 
rc ) );
                ldap_unbind( ld );
                return (rc);
    }
    /* authenticate to the directory as nobody */
   if ( ldap_simple_bind_s( ld,"cn=directory manager", "password" ) != 
LDAP_SUCCESS )
   {
              ldap_perror( ld, "ldap_simple_bind_s" );
              return( 1 );
   }
  while(1)
  {
          /* search for all entries with surname of Jensen */
          if ( ldap_search_s( ld, "o=airius.com", 0,"objectclass=*", NULL, 
0, &result ) != LDAP_SUCCESS )
          {
                ldap_perror( ld, "ldap_search_s" );
                return( 1 );
          }
          /* for each entry print out name + all attrs and values */
          for ( e = ldap_first_entry( ld, result ); e != NULL;e = 
ldap_next_entry( ld, e ) )
         {
                if ( (dn = ldap_get_dn( ld, e )) != NULL )
                {
                  printf( "dn: %s\n", dn );
                  ldap_memfree( dn );
                }
                for ( a = ldap_first_attribute( ld, e, &ber );a != NULL; a = 
ldap_next_attribute( ld, e, ber ) )
                 {
                      if ((vals = ldap_get_values( ld, e, a)) != NULL )
                     {
                            for ( i = 0; vals[i] != NULL; i++ )
                             {
                                  printf( "%s: %s\n", a, vals[i] );
                             }
                            ldap_value_free( vals );
                      }
                      ldap_memfree( a );
                }
                if ( ber != NULL )
                 {
                      ldap_ber_free( ber, 0 );
                 }
                printf( "\n" );
      }//end of outer for loop
    }//end of while loop
  ldap_msgfree( result );
  ldap_unbind( ld );
  return( 0 );
}

I have used LDAP SDK version  5.08. I am using Linux operating system. 
Please let me know if something is wrong with this program or there is some 
issue with LDAP_X_OPT_CONNECT_TIMEOUT option.
Looking forward for help and suggestion in this regard.

Thanks & Regards
Binod Kumar