How To Design A Menu System Like Tally ERP?

Question

Hello friends,

I am an intermediate in C#. I am designing a project in which I don't want to use native menustrip, rather I would like to have a menu system like Tally Accounting Software.

i.e. There will be 3-4 labels in the form and I want to control it with up-down arrow keys and when I press enter the selected item's action will be executed. Moreover, I would like to the mnemonic character to be in other color like RED.

I also want to add sub-menus, i.e. entering on a particular item opens sub-menus inside it.

How can I perform the action, a sample help code lets me go forward in my project.
please help friends.