Hello,Syam,
the board you are using is I.MX53-START-R based on MC34708 PMIC, it is not QSB board. As soon as you plug 5V adapter into power jack, system will boot at once, don't need to press power button. Now, please measure the voltage of VCC_BP which is should be 3.8V. Measuring point is SH33 position. if VCC_BP is OK, all voltages on mc34708 should output.
Then 2V5_VGEN2 will enable U29, and 3.2V is normal.
Regards,
Weidong