Following is the phases of MB behaviour:
System has been switched ON. All Fans have been started spinning normally. In 3 seconds, BEEP-1 Sec Pause-BEEP-1 Sec Pause-BEEP started. Now the System automatically switches off the power and within 2 Seconds, it again starts automatically. Now same 3-BEEP Sequence occurs with a RED LED glows (WD FIRE) on the MB. Thereafter, ON & OFF automatically takes place with 3-BEEPs plus RED LED (WD FIRE) constantly glows.
There is NO VIDEO, NO KEYBOARD LIGHT. I tested the PSU (Antec GS600) and found OK but have not yet tested the CPU and Memory.