Ramesh - if you have setup the endpoints as stated in the technet example there must be some sort of network issue outside of SQL Server.
I would hazard a guess at firewall settings blocking the ports that you want to use for mirroring.
answered Nov 23 '10 at 07:54 AM
Microsoft has a couple of resources for troubleshooting database mirroring problems.
Here is a short MS checklist for verifying that your database mirroring ports are enabled
Make sure that...
This is part of a larger article called "Troubleshooting Database Mirroring Deployment," which is full of T-SQL scripts and database mirroring troubleshooting guidance.
answered Nov 23 '10 at 01:34 PM
what have you done to test the network between the two servers?
answered Nov 20 '10 at 04:37 AM
Have you tried IPs rather than names?
answered Nov 23 '10 at 01:35 PM