Hello Karthik,
Firstable, I'm moving your thread to ASE for Custom Applications space, as BO is not part of the Business Suite and it is considered as a "custom application" (ASE license is automatically generated by SAPinst when you install Business Suite on ASE).
Regarding the problem itself, could you please show the lines in errorlog where ASE tries to read the license file? This kind of error can occur when:
1) License will expire and you need to update it
2) License path is incorrect/ license file cannot be found
3) There is a mismatch between information in license properties file and license file. In that case, usually we fix the properties file information manually.
HTH
Regards,
Cris