Thanks a lot Jack and Gail for your wonderful suggestions and good pointers towards the issue.
I agree we need to increase the frequency of the consistency checks and the next step would be to raise an email alert if any erros are encountered.. I will look at my resrouces and incorporate this practice at the earliest
We did face an issue wherein the databases got corrupted due to the Drives getting corrupted, and it was worse wherein we had to rebuild the entire database. We contacted Microsoft and they gave the sys admins some hotfixes to be applied after issues were encountered in chkdsk
Fortunately, we had a mirrored db which was not corrupted and luckily we had a very narrow escape..:-)
Thanks Again!!! Cheers!!!