initdb fails in win xp

Today i installed postgres 8.3.4-1 version in my windows XP machine.
 
Installation went of smoothly without any issue.
 
While i tried to create the database cluster using initdb command i got the following error.
 
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C:\postgres\bin>initdb -d -D c:\postgres\data
Running in debug mode.
Running in debug mode.
VERSION=8.3.4
PGDATA=c:/postgres/data
share_path=C:/postgres/share
PGPATH=C:/postgres/bin
POSTGRES_SUPERUSERNAME=balas
POSTGRES_BKI=C:/postgres/share/postgres.bki
POSTGRES_DESCR=C:/postgres/share/postgres.description
POSTGRES_SHDESCR=C:/postgres/share/postgres.shdescription
POSTGRESQL_CONF_SAMPLE=C:/postgres/share/postgresql.conf.sample
PG_HBA_SAMPLE=C:/postgres/share/pg_hba.conf.sample
PG_IDENT_SAMPLE=C:/postgres/share/pg_ident.conf.sample
The files belonging to this database system will be owned by user "balas".
This user must also own the server process.
The database cluster will be initialized with locale English_United States.1252.
The default database encoding has accordingly been set to WIN1252.
The default text search configuration will be set to "english".
creating directory c:/postgres/data ... ok
creating subdirectories ... ok
selecting default max_connections ... 10
selecting default shared_buffers/max_fsm_pages ... 400kB/20000
creating configuration files ... ok
creating template1 database in c:/postgres/data/base/1 ... initdb: could not execute command ""C:/postgres/bin/postgres.exe" --boot
 -F -d 5": No error
initdb: removing data directory "c:/postgres/data"
 
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Note: Even in the reinstalled program i got this same issue.
 
Can someone help us in resolving this issue.
 
Thanks,
Bala