Ok, for those who cannot install CWM from the normal steps(most probably new funbook users having Base 1.2 and ICS 4.0.3) follow these steps.
1. Install Superuser from playstore, update binary, you'll notice it will fail one part(red text), re do the update 2,3 times staright away until all the text become green, no need to reboot phone, but you might want to.
2. Install Android terminal from playstore, in terminal put su and press enter, if you get a warning allow it, if # comes you have root access. If not, re do step one. Don't continue till you get this step correct.
3. Download ES File manager from playstore, go to settings, allow all root access related options and also tick go upto root option.
4. Now start ES file manager, go to root, long press the dev folder, set properties, check all boxes, click ok. Do the same for the data folder, now open the dev folder, and repeat the steps for the block folder, and inside the block folder do the steaps for nandg file.
5. Allow USB debugging from dev options, connect the cable, install drvers.
6. Run the ICS recovery script, wait for it to finish, if it fails then you need to check and set permission again, if all goes well you have successfully installed CWM.
Warning: When setting permissions in ES File Manager make sure the USB cable is not attached, if so it might cause a hard crash and brick the device.
I had used this method to flash CWM on mine and on my friends device, both Base 1.2 and ICS 4.0.3(made in may 2012, the rom build no is: 97F1-D1-H2-H01-MMX.20120512) hence I think funbooks made after may 2012 must use this method, otherwise the script will fails due to permission denial.