Matlab shows an error "The type initializer for 'Mathworks​.MATLAB.NE​T.Arrays.M​WNumericAr​ray' threw an exception" when deployed using .Net framework 4.0

Matlab shows an error "The type initializer for 'Mathworks.MATLAB.NET.Arrays.MWNumericArray' threw an exception" when deployed using .Net framework 4.0. It works fine with .Net framework 4.5. I am using MATLAB version 2013a and MCR 8.1. I am developing a .Net application on Windows 8, the application works fine on the development computer. When I try to deploy it on Windows XP (doesn't support .Net framework 4.5), I get this error. Please suggest a solution for this as I am struggling with it for many days now..