modify Makefile
 

obj-m := hello_md.o

#KDIR := /lib/modules/$(shell uname -r)/build
KDIR   := /work/kernel
PWD :=  $(shell pwd)

all:
    $(MAKE) -C $(KDIR) SUBDIRS=$(PWD) modules

clean:
    rm -f *.0
    rm -f -f *.mod.*


root@jcjung:/work/simple_module# file hello_md.ko
hello_md.ko: ELF 32-bit LSB relocatable, ARM, version 1 (SYSV), not stripped

root@jcjung:/work/simple_module# cp hello_md.ko /var/lib/tftpboot/

bash-3.2# /sbin/busybox uname -a
Linux localhost 2.6.32 #171 Tue Jul 26 09:19:21 KST 2011 armv7l unknown

bash-3.2# tftp -g 192.168.10.10 -r hello_md.ko 
bash-3.2# insmod hello_md.ko
hello_md: no symbol version for module_layout
insmod: cannot insert 'hello_md.ko': invalid module format (-1): Exec format err

kernel version is different. That's the reason you met error.