Well, I forgot to mention the end to this story!!
I took it to a Samsung Service Center (Which was In a very congested and hard to locate place) They told something was wrong with the laser and since warranty was over, repairing would take about Rs.1000. But they were honest enough to admit that it would be foolhardy to repair!!! I chucked away the samsung drive and bought a new LiteON DVD Writer for Rs.1300. No problems ever since-- not even 1 DVD lost while burning so far!!! My samsung made 13 (I dont believe in superstitions
) bricked DVDs!!
As Ponmayilal said -- NOT WORTH THE TIME/EFFORT !! CHUCK AWAY YOUR DRIVE WHEN WARRANTY OVER & IT ACTS UP -- BUY A NEW ONE IMMEDIATELY!!!