Error "Failed to import the ActiveX control. Please ensure it is registered properly.", when using a VB ocx in C#

Question

Hi,
I am trying to use a VB ocx control in C#.
I have done the following
1. Registered the ocx
2. Included the component in VS .Net IDE tool bar.
 But when I try to drag and drop the control I am getting an error "Failed to import the ActiveX control. Please ensure it is registered properly."
Any idea why this is happening?
Note:
Internally the ocx control makes use of a C++ dll.
I am using .Net Visual Studio 2005