Hi Mangesh,
We, being archiving consultants, face this question all the time in the field. Data disposition is inevitable particularly once archived for prolonged period of time. Based on the challenge of retaining archived data that is on legal hold while safely deleting other expired data, we have developed and certified a tool called ARM (Archive Retention Management). You can find more details about it at www.auritas.com -> Products -> ARM.The tool allows collaborative approval-based disposition of expired data along with many other features derived from our distilled field experience.
Hope you will find this info helpful,
best regards,
Anand Mehta