To run this application, you first must install one of the following versions of the .NET Framework: v4.0.30319.
Normally this issue occurs when u try to run an application which is targeted to Framework 4.0, and framework 4.0 is not installed on that PC.
If u have already installed framework 4.0, and still the issue is same follow the below steps.
⦁ If you have just installed Framework 4.0, and if u have not restarted the system, try once by restarting the system.
⦁ Navigate to SYSTEM 32 path , i.e; c:\Windows\System32, search for a file mscoree.dll, check the version of mscoree.dll , it should be as show below
Incase if dll of lower version is found, replace mscoree.dll of version show in the error above by providing required permission.
If mscoree.dll is of same version required, Repair installed framework from control panel [This is possible in WIN 7 & below operating system].