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Ravi;
Rather than gearbox oil, it's likely engine oil leaking past rear main seal, and you don't mention if it's that's still an oe felt ring seal (which can leak at high mileage) or a modern spring loaded neoprene (a recommended upgrade when building an engine)...smell it to confirm...the hypoid gearoil of the M40 is unmistakable...also check PCV system to assure it is clear...blockage in this system will result in crankcase pressure, and a favorite place for oil to be pushed out is past the rear main seal...
Good Hunting!
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