I was able to solve this.

when the NewInspector event is registered
myInspectors.NewInspector += new
Microsoft.Office.Interop.Outlook.InspectorsEvents_ NewInspectorEventHandler(myInspectors_NewInspector );

the following is created
myInspectors_NewInspector(Microsoft.Office.Interop .Outlook.Inspector
Inspector)
{}

I used Inspector insted of applicationObject.ActiveInspector() and
that in
((Ol.InspectorClass)Inspector).InspectorEvents_10_ Event_Activate +=
new
Microsoft.Office.Interop.Outlook.InspectorEvents_1 0_ActivateEventHandler(Co*
nnect_InspectorEvents_10_Event_Activate);

and that did the charm.

Thanks Ken for your suggestion.