Fatal error: Maximum execution time of 240 seconds exceeded in sites/all/modules/memcache/memcache.inc on line 353

I am using multidomain site .
After adding a new domain record,I was asked as follows: Content access permission needs to be rebuilt on this page.

When I clicked on Rebuild Permissions button,the progress bar started the batch operation of rebuilding but in the midway it stopped and gave an error given below

Rebuilding Content Access Permissions

An error has occurred. Please continue to the error page An HTTP error 0 occurred. /index.php?q=batch&id=433&op=do

I then searched an found an issue similar to the above in the link given below

https://www.drupal.org/node/399572

I found many solutions from above like :

1. Run rebuild permission via cron (did not try)
2. change theme and move to older jquery version (did not try as its live site)I checked the settings for jquery update and had "minified" instead of "none", once set to the correct setting, it worked within seconds.

I was using jQuery update module with jQuery 1.4. This causes the batch to not update.

3. (did not try) To fix it, you have to prevent newer jQuery from loading when the URI contains "batch".

   <?phpfunction node_access_rebuild($batch_mode = FALSE) {  db_query("DELETE FROM {node_access}");  // Only recalculate if the site is using a node_access module.  if (count(module_implements('node_grants'))) {//      if ($batch_mode) {      if (FALSE) {      $batch = array('title' => t('Rebuilding content access permissions'),'operations' => array(          array('_node_access_rebuild_batch_operation', array()),        ),'finished' => '_node_access_rebuild_batch_finished'      );      batch_set($batch);    }?>

   Not sure why this is happening to me, but I've found that I can just force node_access_rebuild() to not use batch mode by changing line 2314 of node.module from:

4. In node.module this piece of code, is setting time limit to 240 secs which might be still low than ur php.ini. You can try increasing set_time_limit arg to 1000 and then changing it back to 240 to keep code consistent.

    if (!ini_get('safe_mode')) {        set_time_limit(240);      }      $result = db_query("SELECT nid FROM {node}");      while ($node = db_fetch_object($result)) {        $loaded_node = node_load($node->nid, NULL, TRUE);        // To preserve database integrity, only aquire grants if the node        // loads successfully.        if (!empty($loaded_node)) {          node_access_acquire_grants($loaded_node);        }      }    }  }

What I tried was increased the max_execution_time from 30 to 1000?But still it did not solve the problemThen finally I tried rebuilding permissions via drush

using drush command

drush php-eval 'node_access_rebuild();'

But that gave me the following error as shown below

PHP Fatal error:  Maximum execution time of 240 seconds exceeded in sites/all/modules/me                                                                                     mcache/memcache.inc on line 353

Does the above error means this is something to with memcache and will it be worth trying to disable the memcache and then perform rebuilding node access?

http://example.com/index.php?q=admin/content/node-settings/rebuild