Ajay,
According to the MATLAB help, when imread reads a color image, it returns a 3D matrix with the RGB data. In playing with LabVIEW, we are only passing and getting 2D matricies. What I would suggest is to take the 3D array apart into a bunch of 2D arrays and pass that data back. (What I think you will need to do is have 3 2D arrays to return, one for R, one for G, and one for B.)
Randy Hoskin
Applications Engineer
National Instruments
http://www.ni.com/ask