How to drive a 360 degree rotating servo from ESP8266
I actually found another (simpler) way to do the same thing. Instead of using hardware to control the switching ON/OFF of the servo, I figured out that it is also possible to do the same via software. I am now using detach() to stop the servo when not required while directly powering the servo at all times. It draws about 6mA current when not working which is okay for my use as my stuff is not battery powered.
But in case somebody else has a solution to doing this via hardware, pl do share.