When I issue power off to a device, ideally the kernel should get this event and then runlevel 0 should get executed.
As of now the hardware turns off but the runlevel 0 is not executed.
When i manually executed the script
/etc/rc.d/rc
and hardcoded the runlevel value to 0 the script works fine and the system is halted.
Actually the changing of the run-level is done by the kernel modules the issue in my case was the binary that was responsible for issuing this reset was not packaged as it was missing in our package mapping list