MGMT port of the switch connected to peer switch port where the Auto Negotiation is turned OFF, then, MGMT port stays in down state after upgrade to the firmware mentioned above or even higher versions.
Below log message from the output of "debug ems show trace snmpmaster all" confirms that the SNMP trap receiver is not reachable via MGMT interface:
11/14/2014 02:52:53.332993  <snmpMaster:snmpMaster> SrcIpAndVrIdToTransportInfo: Destination not reachable via vrId 0
11/14/2014 02:52:53.333036  <snmpMaster:snmpMaster> ../../snmpd/shared/notify.c(1540): SrGenerateNotifications: SrcIpAndVrIdToTransportInfo failed.
**"vrId 0" refers to MGMT interface.