I have written an InitializeRow event for this, but i am not able to get the cells(e.row.cells) from this to make it read only.
protected void grdCrewCTC_InitializeRow(object sender, Infragistics.Web.UI.GridControls.RowEventArgs e)
    {
        if ((int)e.Row.Items[1].Value > 5000)
        {
            e.Row.Cells[3].AllowEditing = Infragistics.WebUI.UltraWebGrid.AllowEditing.No;          
        }
    }