I was going through one circuit, and I realized there that there is a diode present between Collector and base of a darlington pair PNP transistor.
Can anyone let me know what is the significance of this diode.

 

Can you post the circuit on the forum?

 

It's fairly common to see a diode between the base and emitter on the input to clamp the voltage to Vee, and more common to see a diode between the collector and emitter of the output. Some Darlingtons have a pair of diodes in series to limit Vbe on the input.

However, I don't recall seeing a diode between the collector and base.