Ok since I am not able to do a BIOS upgrade this I am closing this thread.
I am using workaround for google-chrome by adding the --disable-gpu flag ,now I 
 can say its stable as far as the system freeze is concerned,but touchpad issue 
still persists .Also I am on the 4.8 -rc5 kernel.
Thanks guys

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  Lenovo g50-30 Elantech Touchpad stops working after some time in
  ubuntu 16.04

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