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As mentioned I am trying to obtain TC in Hrs:Mins:Secd:Ms format. - 00:00:00:00
I found the flag - PF_OutFlag2_I_USE_COMP_TIMECODE that needs to be set if you are dependent on Comp TC.
I also found AEGP_ProjSuite6 with the following API calls.
Now I can get the flag starting_frameL and the Layer start time in comp time, Layer current time in comp time and use fps values to calculate TC.
Is there a better i.e. more direct way ?
nope. the way you described is the only way to go. (as far as i know)