Update 15 June 2013:
found this post http://h30434.www3.hp.com/t5/Notebook-TV-Tuners-Media-Center-Reply-Only/HP-Mediasmart-DVD-Update/td-p/518211 and uninstalled / reinstalled HP MediaSmart sp50935. Both the programs fail to read the Blu-Ray disc. Even the VLC media player would not recognize the disc.
Note:
The BR disc is part of the Planet Earth collection from BBC Video (4 disc set). The earlier HP player which came with Windows Vista used to play the discs without any hitch.
Am going to try sp48296 found on the above mentioned forum and then try with Cyberlinks PowerDVD 13.