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hi Shiv.
seems like your wtmp file is corrupted ...
read the following link http://forums1.itrc.hp.com/service/forums/questionanswer.do?threadId=265607
and follow Robert-Jan 's suggestion....
regards.
[Moderator edit: The above link is no longer valid.]
The who command can list the user's name, terminal line, login time, elapsed time since input activity occurred on the line, the user's host name, and the process-ID of the command interpreter (shell) for each current system user. It examines the /etc/utmp file to obtain its information. If file is given, that file is examined. Usually, file is /var/adm/wtmp, which contains a history of all of the logins since the file was last created.