I could get away with the following solution (works with Ubuntu 14 guest VM on Windows 7 host or Ubuntu 9.10 Casper guest VM on host Windows XP x86):
- Go to network connections -> Virtual Box Host-Only Network -> Select "Properties"
- Check VirtualBox Bridged Networking Driver
- Come to VirtualBox Manager, choose the network adapter as Bridged Adapter and Name to the device in Step #1.
- Restart the VM.