Hi Srini,
Actually I haven't struggled with this issue with SELog, but you may check whether this helps:
http://www.microsoft.com/en-us/download/details.aspx?id=14422
A lot of threads with similar problem refer to "MSChart.exe" installation as a solution. You may check whether you have System.Web.DataVisualization dll in GAC beforehand. Also make sure that you have FW 3.5 SP1 installed.
MSChart component is a part of FW 4.0, so if you have got FW 4.0 installed you shouldn't deploy MSChart separately.
Hope this will help.
Igor Savchenko, VIAcode Consulting LLC (http://www.viacode.com/solutions)