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I suggest to check the release notes: https://oss.oracle.com/el4/docs/RELEASE-NOTES-U8-en.html, which mentions a known problem that might apply.
Thanks for the response and the link above. But it gives a "404 Not found".
What happens if you try "yum install compat-dapl" prior to using yum update?Now, why did not I think of that clever idea? You were spot on!!!
When I installed compat-dapl separately and subsequently ran yum update, everything worked well.
In the process, I also managed to resolve my original issue (not mentioned here) but yum update looks like a sledgehammer approach to crack the nut.
I have a feeling just updating/adding few packages may have resolved the issue (without having to update the kernel itself, caused by yum update) and discussing it with experts like yourself would have added to my knowledge about linux.
But that issue had virtualbox in the picture and so I was worried some over-active moderator would have blocked my thread and redirected me to virtualbox forum.
Anyway, Thanks once again for your help with this.