Thanks guys,
It was a mistake(misunderstood concept!!) on my part. I understand class laoded form different class loaders are not same. Even if they have the same name and loaded from the same location.Thats why I wrote in my initial post.
I understand 'ClassCastException' in the output
I assumed since the class is loaded by MyClassLoaded JVM will use same class def. Which is not the case. I figured it out later.
Thanks again for you help.
Achit