Hi Tarun,
I had the same problem when transporting a delivery unit from the DEV to Q HANA instance.
The following comment helped me:
http://scn.sap.com/message/14874069#14874069
_SYS_REPO should be automatically the owner when creating the Schema via the repository (.hdbschema). I deleted the schema on the target (Q) system and tried once more and didnt get the error anymore.
Markus