Well it is not that I don't want to use Net8.

I just want to know why it is not working? It is a simple local connection. It works in my all other servers with same database.ipcs -A
IPC status from as of Wed Oct 9 14:56:32 PDT 2002
Message Queue facility inactive.
T ID KEY MODE OWNER GROUP CREATOR CGROUP NATTCH SEGSZ CPID LPID ATIME DTIME CTIME ISMATTCH
Shared Memory:
m 0 0x500004a4 --rw-r--r-- root root root root 1 68 210 210 16:53:25 16:53:25 16:53:25 1
m 6001 0xc020b8c0 --rw------- oracle dba oracle dba 7 375144448 6124 6200 11:25:45 11:26:01 16:28:144294967292
T ID KEY MODE OWNER GROUP CREATOR CGROUP NSEMS OTIME CTIME
Semaphores:
s 7536640 0xf16a3764 --ra------- oracle dba oracle dba 304 4:30:20 16:28:16
vivek