I'm working in ARCGIS 10.2, my area of interest falls in 4 UTM zones 43,44,45,46 equally distributed so i can't use the option of majority of area's UTM zone. Since i need to carryout varies analysis which involving distance and area i need it to be converted also I need to apply same on my SRTM DEM of the study.
Simple. Don't use UTM projection if want to do some analysis on area falls under multiple UTM zones. You can use other projection in meters. LCC (Lambert Conformal Conic) is the official projection used in India. More information about LCC can be found here. There is also a comparison about commonly used projections in this pdf.