SOLVED!!!!!
For anyone facing this issue, please download a small patch from this link 
(for windows 7).
https://www.microsoft.com/en-us/download/confirmation.aspx?id=49093

Refer this link:
https://support.microsoft.com/en-us/help/2999226/update-for-universal-c-runtime-in-windows





On Monday, 3 August 2020 at 23:10:45 UTC+5:30 bwoodsend wrote:

> Not even on your Windows 10? That is odd. Do you know if a specific 
> library is using it or if just a hello-world PyInstaller build gives that 
> error? In theory you shouldn’t be able to run your code normally without 
> it. I notice Conda brings a copy of that dll with it (actually it has it 
> twice for some reason). If you are using Conda then conda activate before 
> calling where ....
>
> If you do have to download it you can check it’s genuine using the sha 
> code. The ones I have hash to ( using certUtil -hashfile 
> api-ms-win-crt-runtime-l1-1-0.dll ) 
> a19acefa3f95d1b565650fdbc40ef98c793358e9 and 
> f67bc165cefb119ad767b6bec27a1102c0fd2bac so I can vouch for anything that 
> matches either of those. You can probably find a list somewhere on a 
> Microsoft page somewhere…
>

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