No action on closing laptop lid in hp 530

[Abhishek]

It was fine in hardy and gutsy but that is not the case in intrepid. In gutsy/hardy, I used to close the lid and the actions I defined in the System>Preferences>Power Management were performed. But now in Intrepid nothing happens no matter what action I define in the Power Preferences.
There is a small pin-like protruding button just above my laptop's (hp 530 notebook) keyboard that gets pressed when I close the lid and causes the display to turn off (atleast that is what used to happen in hardy/gutsy and still happens in windows).
Of course, I can configure the laptop to perform some other action when lid is closed, but nothing is working.

I suppose its a kernel bug. The kernel is not able to detect that button.

Duplicate bug here (https://bugs.launchpad.net/ubuntu/+source/acpid/+bug/277534).