I have resolved the issue as it was a bug in the connectorJ's version. As The project I am working on was already using both the buggy jar mysql-connector-java-5.0.8.jar and the jar version in which the issue is already resolved i.e. mysql-connector-java-5.1.13-bin.jar. After all the search when I removed the jar mysql-connector-java-5.0.8.jar my issues got resolved. All that was problematic was that the ConnectorJ/Driver was getting referred from the buggy jar. The bug id and url which refers to this issue is: http://bugs.mysql.com/bug.php?id=31053 .
Thanks for considerations.