BUG #8134: initdb failed to execute

The following bug has been logged on the website:

Bug reference: 8134
Logged by: Jinu KJ
Email address: jinu(dot)mail(at)gmail(dot)com
PostgreSQL version: 9.2.3
Operating system: Windows XP
Description:

Hi,
We are trying install postgresql 9.2.3 version for windows xp.
Below issue happen only for this particular PC.
Other windows XP installations are ok.

Here initdb command failed mentioning that , it is able to find postgres ,
but version mismatched.
Below code print this.
--->
postgresql-9.2.3\src\bin\initdb\initdb.c
line 2884 :
if ((ret = find_other_exec(argv[0], "postgres", PG_BACKEND_VERSIONSTR,
backend_exec)) < 0)
{
char full_path[MAXPGPATH];

if (find_my_exec(argv[0], full_path) < 0)
strlcpy(full_path, progname, sizeof(full_path));

if (ret == -1)
fprintf(stderr,
_("The program \"postgres\" is needed by %s "
"but was not found in the\n"
"same directory as \"%s\".\n"
"Check your installation.\n"),
progname, full_path);
else
fprintf(stderr,
_("The program \"postgres\" was found by \"%s\"\n"
"but was not the same version as %s.\n"
"Check your installation.\n"),
full_path, progname);
exit(1);
}
----->

We compared the versions of both initdb.exe and postgres.exe using -V
option.
Both print 9.2.3.

Also data folder is not created.
Please let me know whether it is due to some issue with user permissions ??

Please let me know what can be the reason for this issue.

Thanks,
Jinu