Finally resolved.
For anyone facing the same problem, it was a missing library issue, or library version issue::
root@formuler3:/# /etc/init.d/softcam.SupCam restart
...
/usr/local/etc/oscammips: error while loading shared libraries: libcrypto.so.0.9.8: cannot open shared object file: No such file or directory
solved by creating a link to installed version:
root@formuler3:/# ln -sf /usr/lib/libcrypto.so.1.0.2 /usr/lib/libcrypto.so.0.9.8
root@formuler3:/# /etc/init.d/softcam.SupCam restart
