Problem with mounting readonly FS

[MumbaiBoy]

Hello Friends

At Lilo prompt I am giving option

Linux init=/bin/sh

When I get a prompt I am giving following command to mount the readonly FS
as read-write FS as was suggested by sombody on this list.

mount -o remount / -rw

But it gives me error saying that 
cant create lock file /etc/mtab~ : Read- only file system.

How do I overcome this problem & mount the FS in read-write mode. 

Thanks

Yogesh