I was able to update my BIOS to 0012 and then further to 0183(HOH6110H.86A.2012.0827.1708) using Recovery Mode (0012) and then using F7 BIOS Update (0813). I'm trying to update this version 0814 but it's failing even with F7 as well as EXE method.
MRaichura, if you already tried to update the BIOS using the F7 method and the EXE method and neither of them worked for you, what you could do is to try a BIOS recovery removing the BIOS jumper. http://www.intel.com/support/motherboards/desktop/sb/CS-023360.htm
Bear in mind that if the system is working well, it is not necessary to update the BIOS to the latest version available