Well I have found that the hardware clock is did not seems to be working at all after installing kernel-ml. It is totally dependent on the hardware which you have installed on the computer. I am suggesting a simple work around which you can use to fix the problem of yours.
Code:
ln -sf /dev/rtc0 /dev/rtc
also you need to use the below mentioned patch on the computer of yours.
Code:
if [ "$PROMPT" != "no" ]; then
echo
fi
+### ELREPO: See if the RTC driver is built-in, otherwise load it
+if [ ! -f /proc/driver/rtc ]; then
+ action $"Loading rtc_cmos driver: " /sbin/modprobe rtc_cmos
+fi
+
+### ELREPO: Make the newer device nodes to accomodate hwclock
+RTC_MAJOR_NO=`/bin/awk '/rtc/ { print $1 }' /proc/devices`
+if [ -n "$RTC_MAJOR_NO" ]; then
+ action $"Creating /dev/rtc0: " /bin/mknod /dev/rtc0 c $RTC_MAJOR_NO 0
+ action $"Creating /dev/rtc: " /bin/ln -sf /dev/rtc0 /dev/rtc
+fi
+
# Set the system clock.
update_boot_stage RCclock
ARC=0
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