Running Desktop Director after installing and integrating Desktop Director 7 gives Server Error in /Director Application Runtime Error.

Background

Warning Event 1310, ASP.NET 2.050727.0 is getting generated in Application logs: 

Log Name: Application
Source: ASP.NET 2.0.50727.0
Date: 24-07-2013 20:59:43
Event ID: 1310
Task Category: Web Event
Level: Warning
Keywords: Classic
User: N/A
Description:
Event code: 3008
Event message: A configuration error has occurred.
Event time: 24-07-2013 20:59:43
Event time (UTC): 24-07-2013 15:29:43
Event ID: 2349a35c7bcf42a0bddfa3b67d092bcf
Event sequence: 1
Event occurrence: 1
Event detail code: 0
 
Application information:
Application domain: /LM/W3SVC/1/ROOT/Director-1-130191533832690286
Trust level: Full
Application Virtual Path: /Director
Application Path: C:\inetpub\wwwroot\Director\

Process information: 
Process ID: 3040 
Process name: w3wp.exe 
Account name: IIS APPPOOL\Director

Exception information:
Exception type: HttpException
Exception message: Could not load file or assembly 'ADConnector' or one of its dependencies. This assembly is built by a runtime newer than the currently loaded runtime and cannot be loaded.
 
Request information:
Request URL: http://localhost/Director
Request path: /Director
User host address: ::1
User:
Is authenticated: False
Authentication Type:
Thread account name: IIS APPPOOL\Director
 
Thread information:
Thread ID: 6
Thread account name: IIS APPPOOL\Director
Is impersonating: False
Stack trace: at System.Web.Compilation.BuildManager.ReportTopLevelCompilationException()
at System.Web.Compilation.BuildManager.EnsureTopLevelFilesCompiled()
at System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters)

Problem Cause

Application Pool for Director is started and integrated by default with .Net framework V2.0. Desktop Director components for XenDesktop 7 requires .Net V4.0 in order to communicate with the relative components: