ORA-22334: cannot reset type "string"."string". Dependent tables must be upgraded to latest version
Cause : An attempt was made to reset the type version when the data in the dependent table has not been upgraded to the latest type version.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Use the ALTER TABLE UPGRADE INCLUDING DATA statement to upgrade the data in the dependent tables then resubmit the statement.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.