Hi riteshp,
Users will only be able to chmod files for which either they are the owners.
You might be able to turn your problem around, for example, would it be work in your case to change the file owner/permissions so that the user cannot chmod the files, but can still read them.
If you did choose to use sudo, then you can set it up to allow whatever users you want, to use whichever root commands you allow. You are in complete control.
I personally wouldn't suggest renaming chmod, or moving it to another directory for fear of upsetting any scripts in place now or in the future, or possibly opening up security issues.
Queeie