Hi Rohan,
When pppd starts, it start a script named "/etc/ppp/ip-up". When it stops, it start another script, named "/etc/ppp/ip-down".
These scripts are for this purpose. In the RH heritage, both scripts will call another pair of scripts named "/etc/ppp/ip-up.local" and "/etc/ppp/ip-down.local". You are free to add your commands where you find appropriate. If you need some environment information as to what serial port, what connection, etc, read "man pppd", as there it specifies the parameters which are passed to the scripts at startup.
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