I'm a little bit puzzled...are you sure your DHCP Server receives (and so answers) about DHCP IP Address request from the Switch MM (In Band Management or Out of Band Management is used?)?
If your DHCP Server is connected to an Access Modules' data port...the MM Management port will not be able to reach that DHCP Server...since the DHCP Server is on the In-Band side of the network while the Management port is on the Out-of-Band side of the network (it requires a separated network, as per OoBM implementation diagram you will see on the Management and Configuration Guide, on which a dedicated DHCP Server will run).
If you are connecting to MM through its Management dedicated port, this one is for OoBM (Out of Band Management)...OoBM port is separately networked (that's the Out-of-Band) from Access Modules' data ports (which are networked and permit In Band Management).
If you have planned to use OoBM dedicated port then check the OOBM Configuration chapter (Appendix E) of the Management and Configuration Guide.
You, clearly, are connected to MM via its Console (Serial) port now...