Dragank,  The issue is going to be compatibility. The E7540 processors are based on Nehalem micro architecture, which doesn't support using dimms with 4GB DRAMS. The 16GB ,1333MHz, ECC, CL9, 2RX4 dimm does have 4GB DRAMS on them. 
I have PowerEdge R910 with two memory riser cards and 4x4GB mem modules. I tried to replace 4x4GB with 4x16GB memory modules (16GB 1333MHz Reg ECC Low Voltage Module ) and during POST system halt with message NON CONFIGURABLE MEMORY DETECTED SYSTEM HALTED BIOS is updated on the last revision. Is there any explanation? Is 4x16GB supported on the R910 server?   Dragan
PowerEdge R910 4x16GB issue