Hey Murali, the first thing to check with you if you have turned on Parallel Sprints(lab feature) in the Greenhopper Labs?
You can check this option under:
JIRA 5.2 or before: Administration > Plugins/ Add-ons > Greenhopper > Greenhopper Labs > Parallel Sprints
JIRA 6: Cog menu on top right > Add-ons > Greenhopper section(on the left hand side) > Greenhopper Labs > Parallel Sprints
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