I think that now the situation is clear - it seems that both Sri and another person use some project items (keyword tests, as it was stated earlier) that are added to their local projects using "Add\Existing Item..." from the V: network drive. When an item from V: is added to a project located on C: in this way, this project does not contain a copy of the item - it only contains a reference to that item which is actually located in its original place - that is, V:. So, any changes made to such an item in a local project are actually made to the corresponding items residing on the V: drive.
I recommend that you follow the steps below:
1. Copy the project from the network drive to a new local folder.
2. Disconnect the network drive.
3. Try opening the project from the new local folder - if the project is opened without errors, it is OK. If there are any errors while opening the project, this means that the project contains links to items which are located on network drive V:. Such missing items will be replaced by the 'Unavailable' nodes in the Project Explorer panel. You need to remove these items and add them anew from the local folder where the project is located.
These steps should fix the links in your project. After performing them, copy the project to a shared folder. To work with the project, open it from that shared folder in networked mode - this will allow several people to work on the same project without losing their modifications. When they are done with modifications, copy this project to the V: network drive to back it up.
To summarize, you need to work with a project residing in a specific shared folder in networked mode and copy it to your network drive to back up this project. I recommend that you read the 'Teamwork' help topic - it will help to make things clearer.
However, I recommend that you use a source code control system as it is the most convenient way that allows storing working projects and sharing them among several people. There are free SCC systems which are quite easy to use. If for some reasons, you do not want to use them, working with the project in networked mode will be a good approach as well.