Abhisjek:
I would wire the circuit alternately as ....



These regulators need capacitance at the input and output and a capacitor at the ADJ pin is not a particularly good idea in that it will change the transient performance of the regulator. You also omitted a base current limiting resistor on the PNP transistor and as such P0.x would have to sink a LOT of current when it went low.

MICHAEL