light.exe : error LGHT0001 : Value cannot be null. Parameter name: path1 Exception Type: System.ArgumentNullException

When I run the below command from the command line for the WIx installer after migrated from version 2.0 to 4.0:
E:\Code\PCPE\builder>ant -v -f Build.xml -Dlabel =.001 install
I am getting the below error.

[exec] light.exe : error LGHT0001 : Value cannot be null.
             [exec] Parameter name: path1
             [exec]
             [exec] Exception Type: System.ArgumentNullException
             [exec]
             [exec] Stack Trace:
             [exec]    at System.IO.Path.Combine(String path1, String path2)
             [exec]    at WixToolset.Bind.Databases.MergeModulesCommand.Execute()
             [exec]    at WixToolset.Bind.BindDatabaseCommand.Execute()
             [exec]    at WixToolset.Binder.BindDatabase(Output output, String databaseFile, IEnumerable`1& fileTransfers, IEnumerable`1& contentPaths)
             [exec]    at WixToolset.Binder.Bind(Output output, String file)
             [exec]    at WixToolset.Tools.Light.Run()
             [exec]    at WixToolset.Tools.Light.Execute(String[] args)
              [ant] Exiting E:\Code\PCPE\builder\PCPE3.0.1English_installer.xml.

        BUILD FAILED
        E:\Code\PCPE\builder\Build.xml:1165: The following error occurred while executing this line:
        E:\Code\PCPE\builder\PCPE3.0.1English_installer.xml:382: exec returned: 1
                at org.apache.tools.ant.taskdefs.ExecTask.runExecute(ExecTask.java:650)
                at org.apache.tools.ant.taskdefs.ExecTask.runExec(ExecTask.java:676)
                at org.apache.tools.ant.taskdefs.ExecTask.execute(ExecTask.java:502)
                at org.apache.tools.ant.UnknownElement.execute(UnknownElement.java:291)
                at sun.reflect.GeneratedMethodAccessor4.invoke(Unknown Source)

        Please help me to find the root cause of this error.

    The error is showing at the below code in PCPE3.0.1English_Installer.xml:

    <exec executable="${wixhome}\light" failonerror="true">
          <arg value="-out"/>
          <arg value="${builds.dir.pcpe}\EN\PCPE_3.0.1.msi"/>
          <arg value="PCPE_WIX_Installer_EN.wixobj"/>     
          <arg value="PCPE_FRAGMENT_EN.wixobj"/>
          <arg value="PCPE_FRAGMENT_COMMON.wixobj"/>
          <arg value="PCPE_Registry_entries.wixobj"/>
          <arg value="${wix.ui.libfile}_English.wixlib"/>

          <arg value="PCPE_FRAGMENT_DE.wixobj"/>      
          <arg value="PCPE_FRAGMENT_CN.wixobj"/>          
          <arg value="PCPE_FRAGMENT_FR.wixobj"/>      
        <arg value="PCPE_FRAGMENT_IT.wixobj"/>    
          <arg value="PCPE_FRAGMENT_JP.wixobj"/>      
          <arg value="PCPE_FRAGMENT_BR.wixobj"/>          
          <arg value="PCPE_FRAGMENT_RU.wixobj"/>          
          <arg value="PCPE_FRAGMENT_ES.wixobj"/>          

          <arg value="-loc"/>
          <arg value="${shortworkingdir}\Wix\src\ui\WixUI_en-us.wxl"/>
        </exec>