Hello Guys,
As indicated in several other posts on the e2e forum - the problem was with the Card detect pin. The pin has to be low for Linux to detect card present.
The card detect on my hardware had an issue, solved that and now the kernel seems to come up fine. I would like to add a note here....
Kernel 3.2 seems to work fine even with the card detect issue (that is why I didn't face this issue till now).
Thanks once again.
Regards
Santhosh