I followed the instructions given in the link: http://blog.avirtualhome.com/how-to-compile-a-new-ubuntu-11-04-natty-kernel/ for building a custom kernel and booting it. Everything works fine, except that when building it, I used the option skipmodule=true (as given in this link), so I guess the modules are not built for this kernel.

I'm saying this because after I installed the image (using dpkg -i), when I run 'ls -l' in the /lib/modules/2.6.38-11-i5 folder, all the files/folders except the 'kernel' folder have got updated (Btw, I had built it last time and it had worked fine,this is an update on the same kernel source). So is there some option/command that I missed that exports the modules as well? Thanks for your help.