not possible I'm afraid due to the way CD's work - they are stream written much like tape, rather than block written like disks and memory cards. What you ask would only be possible using a dedicated cd writing program.
So if we use a dedicated cd-writing software like Roxio, which plays with EEFF/EEPC, will the functionality be possible?? (to write self decrypting DVDs/CD's)
no - CD's dont work like that. They are like tape. You can't run something off them - they are just storage.
You need an application to decrypt an encrypted CD, and you need an application to create an encrypted one in the first place.