Hello Swetha,
Typically, it is suggested to use the latest possible version of Kendo UI. This way you get bug fixes, new features and improvements. Also, note that the the versions supported are the ones published after a major release.
I was unable to exactly test with 2014.1.416. So, I tested with 2014.2.716. Where the Grid appears to have different rendering and this line is throwing an error:
var grid = e.target.closest(".k-grid").getKendoGrid();.
In order to resolve, you should ensure that the Grid instance is properly returned. So, using code like this one should resolve the issue:
var grid = e.target.closest("[data-role='grid']").data("kendoGrid");. Here you are a new Dojo:
http://dojo.telerik.com/arISu.
Regards,
Ianko
Telerik by Progress