Jawed,
Couple of areas to check:
If you are using static hashed files then consider resizing. (At TCL use tools like FILE.STAT, and HASH.HELP and HASH.AID, to get info on your files.)
Also check the MFILES uniVerse tunable. There may be excessive file rotation occurring.
Your application may be opening many files. As a rule, I believe MFILES should be set to 8 less than maxfiles.
You need to determine the average amount of open files in a UV session, make a change to the tunable and then regen UniVerse. (If you have Glance installed, use the adviser)
Hope this helps.
Mark.