I too had the same problem. please replace the power supply board. Buy it on ebay it will be all set. Do not forgot to give power supply through voltage stabilizer next time.
SOURCE: RED LIGHT KEEPS BLINKING..WAS LIKE A POWER SURGE
Surge protectors aren't perfect... If the surge was big enough and long enough then it can cause problems. Most manufacturers have on-board protection as well. That's not perfect either. Often the surge does nothing more than confuse the microprocessor (computer) that controls all aspects of your television. The fact that the red light is blinking means that your set is trying to protect itself. This can happen for one of two reasons. Something in the set has failed. Usually the power supply inside the set possibly also a trouble in the scan section of your set. These are normally a shop repair. The other thing is when the microprocessor is confused it will do nothing further until it's reset. To reset the processor simply unplug the set from the wall and wait 10 minutes. Plug it back in and if it works then happy viewing. If it doesn't then you will need a repair.
If is a failure caused by a failure in the grid that delivers power to your set then you are usually able to file a claim for the repairs. Contact your local power company. explain what happened. If it's their fault then usually they will pay for a repair. I know the PG&E does.
Zashiban
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