I resolved the error by changing the values of the files in questions. The old database used UPPERCASE for tables and the new uses lowercase. I simply changed UPPERCASE values to lowercase and it worked
Now my issue looks like:
Fatal error: require_once() [function.require]: Failed opening required '/home/mdsfound/public_html/forums/scripts/libs/functions_forums.inc.php' (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/mdsfound/public_html/forums/scripts/cfrm.inc.php on line 50
Anything look wrong here>?
