So finally got to resolve this with the help of splunk team, now that i am enjoying enterprize support. Thankyou Splunk team for nailing the issue.
Resolution:
You have to download the IBM JAVA JRE version 6 to get this working.
Dwonload and install it, its a bin file which auto extracts to a folder specified by you in linux.
Update the file with the new installed JRE : was_jmxperf.sh
Update the file with the new installed JRE : was_jmxinventory.sh
Restart the splunk forwarders
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