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Hi Subhash,
I'm guessing you are upgrading from another version of LEAP and have missed the special instructions we posted on the "What's New" page. I am listing them again here for your information:
IMPORTANT: To fully update to this new version, download and run the full setup file (from the LEAP web site). LEAP's Help: Check for Updates menu option can also be used but does not automatically update the components needed for optimization calculations. If updating using Help:Check for Updates. After the update completes you can manually unzip the w32.zip and w64.zip files in the LEAP program folder to create two new folders w32 and w64.
So in short - look in the \program files (x86)\LEAP 2012 folder and then unzip the w32.zip and w64.zip files to make new folders (w32 and w64).
I hope this helps!
best,
Charlie