Why do you think chdir is not working?

Make sure you understand the previous responses. They all provide good advice and relevant information. To re-iterate: you should use the chdir function rather than executing the chdir command in a sub-process.

But I wouldn't use chdir myself. I would do something more like the following:

use strict;
use warnings;

open( my $fh, "/home/raghvens/52xxmodulelist.txt" ) or die $!;

foreach my $m (<$fh>) {
    chomp($m);

    print "\nProcessing \"$m\" .. \n";

    my $path = `/vobs/package134/inttools/modules/unixtools/srce/which
+Path $m`;

    chomp($path);

    $path .= '/confm/post_REFERENCED_to_EXPERIMENTAL';

    print "\tChecking for link \"$path\"\n";

    print "YES, Link is present" if(-l $path);
}
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