Taking a look at the groups plugin start.php I see the following: 

$CONFIG->group = trigger_plugin_hook('profile:fields', 'group', NULL, $profile_defaults);

The $profile_defaults contains the name, description, brief description, etc.. fields. 

My guess is that some plugin is registering for that hook and altering the return value.. I can't tell for sure as my groups edit action is fine. 

Try installing the excellent 'Elgg Developer Tools' plugin (http://community.elgg.org/pg/plugins/project/384962/developer/costelloc/elgg-developer-tools) and inspect the plugin hooks to see if there is anything subscribed to the profile:fields hook. 

Thanks a lot Jeff Tilson . I am really bad . I enabled profile plugin and was not knowing this ( not even looked at the plugins properly) . In profile plugin just imported all the default fields and It worked .

Thanks again

Regards

Kiran

If there is any way to dispplay limited description if it has more then 300 characters and place read more button to display the full view? It s anoying if the description is very long and moves down all the videos, calendar etc.

Metadata can be assigned on any ElggEntity object.  Here are the docs for metadata: http://docs.elgg.org/wiki/Engine/DataModel/Metadata

The event is to allow other plugins and core to react to someone changing their profile.  Here's docs for that: http://docs.elgg.org/wiki/Events

Thanks Brett