Shekhar, please read these articles:
http://msdn.microsoft.com/en-us/library/z2cty7t8.aspx
Static (Visual Basic) :: Specifies that one or more declared local variables are to continue to exist and retain their latest values after termination of the procedure in which they are declared.
http://msdn.microsoft.com/en-us/library/zc2b427x.aspx
Shared (Visual Basic) :: Specifies that one or more declared programming elements are associated with a class or structure at large, and not with a specific instance of the class or structure.
http://msdn.microsoft.com/en-us/library/35styb3a.aspx
Lifetime in Visual Basic :: The lifetime of a declared element is the period of time during which it is available for use. Variables are the only elements that have lifetime. For this purpose, the compiler treats procedure parameters and function returns as special cases of variables. The lifetime of a variable represents the period of time during which it can hold a value. Its value can change over its lifetime, but it always holds some value.
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Gerry (Lowry)
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