Team Site Error (A datasheet component compatible with Windows SharePoint Services is notinstalled, your browser does not support ActiveX controls...)

Since the last couple of days we were experiencing problems with the Team Site while trying to view a list in the Datasheet view mode. The error being displayed was something like this:

The list is displayed in Standard view. It cannot be displayed in Datasheet view for one or more of the following reasons: A datasheet component compatible with Windows SharePoint Services is not installed, your browser does not support ActiveX controls, or support for ActiveX controls is disabled.

This error was occurring due to a bug in the SharePoint Services Service Pack 3 update and this error has been temporarily fixed by following the below instructions:

• Take backup of ows.js file in the following directory: C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\60\Template\Layouts\1033
• Open ows.js file and add following function : function RenderActiveX(str){ document.write(str);}
• Save the changes and do an iisreset
• Refresh your browser