I am now in same boat. Just installed windows 7 on new laptop and tally 7.2 does not work. Exact same error as yours.
How to make it work ?
Please suggest.
Use PM if necessary. Also sent you PM.
Windows 7 and Tally 7.2 are incompatible and installing or running with XP compatibility does not help and always crashes. There is absolutely no workaround except you get windows xp OS or install Vmware type thing and run windows XP inside 7.
I installed Tally 9 and it works fine. My dad says it is ok so now i will migrate all tally 7.2 files to Tally 9 and he will have to stop working in 7.2 altogether and use 9 only.