Read the site I referred to in my previous post; there is explained which specific policy you have to change in order to make flash work (without disabling SELinux).

Thanx Mr odiseo77 ... I missed to refer the link u provided. I did help a lot

The problem sounds more interesting. I first enabled the provision for allowing shared libraries to use relocatable text in SE linux,,, then the flash player worked.
After that I disabled that feature again and restarted. Then too it continued to work. The SE properties I set is exactly same as in the case flash hadn't worked. So something mysterious is happeneing.........