Satish,
Your proposed design does not work for checkboxes. Checkbox values are only submitted from the browser to the server if they are enabled. Therefore if the reset() method sets the form value to true, and the client unchecks the checkbox before submitting, there is no mechanism to set the form value to false.
I am mentioning this because I want to do the same thing as the original poster in my application. Originally I tried the solution you proposed here (though through my own hacking), and then I ran into the problem I just discussed. I'm not sure what the actual solution is yet.
Jon Emerson
http://slashdot.org/~panaceaa