@Satyam,
I have to qualify this answer, I know very little about Marx at all. That being said I have read Hegel's Lordship and Bondage from the Phenomenology of Spirit pretty thoroughly. Call to mind the first line of chapter 1 of The Communist Manifesto: "The history of all hitherto existing society is the history of class struggles." To give a crude characterization of Hegel's view that might be comparable with this quote: "The history of all hitherto existing society is Geist's struggle for freedom." Hegel's master-slave dialectic is unique from Marx's class struggles in that Hegel thinks history fundamentally has a single, (if I may say so) "schizophrenic" protagonist, "Geist," or 'Mind'/'Spirit' (Consciousness). As Hegel puts it Geist is "The 'I' that is a 'We' and the 'We' that is an 'I'" The master-slave dialectic as it originally appears in Hegel's Phenomenology is one where Geist encounters itself in the external world as an 'other being'. There,we see Hegel present the Master-slave dialectic as a struggle between two individuals who, unbeknownst to themselves, are actually the same thing, Geist. Hegel doesn't much emphasize the following point, but nevertheless; it's clear that relations of mastership and servitude can be instantiated between any number of persons, groups, etc. I think it likely that the difference between the discussions of Marx and Hegel you mention, is emphasis. Hegel's discussion seems more focused upon master-slave relations on a person-to-person level, (or at the very least is a discussion in which he takes such a mode of discussion to be a more adequate way of characterizing history.) Marx's discussion seems to be more focused on similar such relations on a class-to-class level, (or at the very least is a discussion in which he takes such a mode of discussion to be a more adequate way of characterizing history.)