Naveen,
This can be done through the creation of a "Mass Data Run" for your custom business object.
You'll also need a Custom Query for your BusinessObject (you can't just use QueryByElements).
Basically, you'll create a Query that allows you to select which BusinessObjects will be processed, select which Action that will be executed at the scheduled time, and then, once your mass data run is activated, you can add those screens to the main work center you use for your custom business object, then, through the front end, schedule the MDR to run periodically.