Niraj,
Looks like your ME 7.5 is corrupted. If you look into your MyEclipse installation folder, you might be missing myeclipse.ini file. The best way is to perform a clean install. Follow the below steps –
1. Run the uninstaller.
2. Make sure the MyEclipse Install Directory has been completely removed
2.1. Pulse Install Directory, on XP it’s under C:\Program Files in \Pulse or \Genuitec, and on Vista it’s under \AppData\Local and then under \Pulse or \Genuitec again
3. Then make sure the pulse2.locator file under is erased as well
4. Install ME7.5