Thank you guys for all the great suggestions.
I do have a 3KV Audio grade Vertex stabilizer for HT room. But I bypassed my Emotiva Amps and connected them directly to the wall socket after the recommendation from Emotiva

. Now after I told them what happened, they asked me to check the fuse and now they say that, its okay to connect the amp to a stabilizer, but NOT to one with a surge arrester. I was also told that the Vertex stabilizers "rob" some of the audio frequencies.
From now on, what ever be it, I will connect ALL my equipment through the Vertex 3KV Audio grade stabilizer. I am not much worried about the lost frequencies any more. I want peace of mind

.
The V-Guard stabilizer that blew was connected between my APC BackPro 1KV UPS and the wall socket. APC USP is for my projector alone. Though APC has protection built-in, once the protection blows up, it takes more than a week to repair it. But for V-Guard, it is easier for me to fix it as in my situation, the MOV always fails and burns. As Kanwar rightly said, usually the MOV fails because its not a temporary high voltage surge, but a sustained one.
I am still considering using one of the following
1. Micro System Services | Power Protection | Homeguard.
This will cost me around 18K for 3 phase for 10KV load capacity with customized voltage cut off range of 190V-260V
OR
2. Sukam 16A Power Guard
This will cost me around 4K for 3 phase.
Thanks,
John.