Hi Vishesh,
No still no joy mate

.. tried changing the param to 1, 10, 100 and retested with failure..
I have since my last comment changed the eth settings of the underlying interfaces which makes up bond0 to remove a HW Address conflict error i was receiving in the message log (nothing to do with this issue but informing)...
[root@Gateway network-scripts]# cat ifcfg-eth2
DEVICE=eth2
MASTER=bond0
SLAVE=yes
ONBOOT=yes
BOOTPROTO=none
USERCTL=no
[root@Gateway network-scripts]# cat ifcfg-eth4
DEVICE=eth4
MASTER=bond0
SLAVE=yes
ONBOOT=yes
BOOTPROTO=none
USERCTL=no
Bonding driver has been loaded correctly
[root@Gateway network-scripts]# lsmod | grep -i bond
bonding 102210 0
ipv6 264702 40 sit,bonding,ip6t_REJECT,nf_conntrack_ipv6
bond0 alias too has been defined correctly.
[root@Gateway network-scripts]# cat /etc/modprobe.d/bonding.conf
alias bond0 bonding
full ifconfig -a output below -
[root@Gateway network-scripts]# ifconfig -a
bond0 Link encap:Ethernet HWaddr 08:00:27:1E:57:CF
inet addr:192.169.25.2 Bcast:192.169.25.7 Mask:255.255.255.248
inet6 addr: fe80::a00:27ff:fe1e:57cf/64 Scope:Link
UP BROADCAST RUNNING MASTER MULTICAST MTU:1500 Metric:1
RX packets:15866 errors:0 dropped:0 overruns:0 frame:0
TX packets:2299 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:0
RX bytes:1182423 (1.1 MiB) TX bytes:296743 (289.7 KiB)
eth0-eth2 Link encap:Ethernet HWaddr 08:00:27:1E:57:CF
inet addr:192.167.25.2 Bcast:192.167.25.7 Mask:255.255.255.248
inet6 addr: fe80::a00:27ff:fe1e:57cf/64 Scope:Link
UP BROADCAST RUNNING MULTICAST MTU:1500 Metric:1
RX packets:9862 errors:0 dropped:0 overruns:0 frame:0
TX packets:376 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:1000
RX bytes:785517 (767.1 KiB) TX bytes:32841 (32.0 KiB)
eth2 Link encap:Ethernet HWaddr 08:00:27:1E:57:CF
UP BROADCAST RUNNING SLAVE MULTICAST MTU:1500 Metric:1
RX packets:9813 errors:0 dropped:0 overruns:0 frame:0
TX packets:2249 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:1000
RX bytes:780567 (762.2 KiB) TX bytes:293903 (287.0 KiB)
eth3-eth2 Link encap:Ethernet HWaddr 08:00:27:1E:57:CF
BROADCAST MULTICAST MTU:1500 Metric:1
RX packets:0 errors:0 dropped:0 overruns:0 frame:0
TX packets:0 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:1000
RX bytes:0 (0.0 b) TX bytes:0 (0.0 b)
eth4 Link encap:Ethernet HWaddr 08:00:27:1E:57:CF
UP BROADCAST RUNNING SLAVE MULTICAST MTU:1500 Metric:1
RX packets:6054 errors:0 dropped:0 overruns:0 frame:0
TX packets:52 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:1000
RX bytes:401916 (392.4 KiB) TX bytes:3548 (3.4 KiB)
lo Link encap:Local Loopback
inet addr:127.0.0.1 Mask:255.0.0.0
inet6 addr: ::1/128 Scope:Host
UP LOOPBACK RUNNING MTU:16436 Metric:1
RX packets:83 errors:0 dropped:0 overruns:0 frame:0
TX packets:83 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:0
RX bytes:8836 (8.6 KiB) TX bytes:8836 (8.6 KiB)
sit0 Link encap:IPv6-in-IPv4
NOARP MTU:1480 Metric:1
RX packets:0 errors:0 dropped:0 overruns:0 frame:0
TX packets:0 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:0
RX bytes:0 (0.0 b) TX bytes:0 (0.0 b)
virbr0 Link encap:Ethernet HWaddr 8E:16:0F:33:48:BD
inet addr:192.168.122.1 Bcast:192.168.122.255 Mask:255.255.255.0
UP BROADCAST RUNNING MULTICAST MTU:1500 Metric:1
RX packets:0 errors:0 dropped:0 overruns:0 frame:0
TX packets:0 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:0
RX bytes:0 (0.0 b) TX bytes:0 (0.0 b)