After Yosemite (Mac OS X 10.10.x) is started, the SPLM License Server needs to be started manually.
In order for the license server to be started automatically under "splmld" user it needs all the binaries and the license file to be owned by "splmld".
In this particular problem the license file was not owned by "splmld", but once we corrected the permission issue everything was back on track.
You can use this command to change ownership of a file :
sudo chown <user>:<group> <file> e.g. sudo chown UserName:nts /tmp/lic.txt
Notes and References
OS Version: 10.10