Thanks for your response.
I called in an LG engineer who told that the panel is damaged.
When I try to turn on the monitor, I also get White and Green Flashes on the screen and my PC freezes (I am unable to reset it), the only way is to switch it off from the mains and turn it back on.
I checked the Event Logs, and found this error logged
The following boot-start or system-start driver(s) failed to load: atc
So before I invest in a new monitor, I wanted to know if this event log indicates a problem with the monitor itself or with its drivers