I got the solution, created a workflow and set it run on all items every night to do the following. Check workflow Screenshot -
Please note: Information MGMT policy didn't ran in my case and if it would have still would have ran the workflow once, wherein the first item in the list would have been checked by workflow and not all items.
In order to run daily on all items and not just current item (usually workflow will run on one item at a time) -
# URL of the Site
$web = Get-SPWeb -Identity "example.com"
$manager = $web.Site.WorkFlowManager
# Name of the list
$list = $web.Lists["List name"]
# Name of the Workflow
$assoc = $list.WorkflowAssociations.GetAssociationByName("Workflow name","en-US")
$data = $assoc.AssociationData
$items = $list.Items
foreach($item in $items)
$wf = $manager.StartWorkFlow($item,$assoc,$data,$true)
Hope the solution helps others.