The unit was now in a state where I could power it up and apply a test signal. I did this and I was getting no output.
I had already found the schematic of this unit. Checked the power rails, all were good. Started tracing the signal from input into the amp and found out that the pre-amp doesn't output anything. The pre-amp was not getting 24V power.
I following the pre-amp power to the main power supply, and, not surprisingly, the BD135 that was removed and mounted to the chassis was a single transistor regulator, obtaining 24V from +40V. And it was bad. The schematic says that it is a 2SC1449 and the closest equivalent that was available here was BD377. So I replaced it with that and also inserted a small heat sink.
Re-tested after installing new transistor, and I was getting output from the amp!