On analyzing the code I have found out that reason is as follows,
The default container invoker used is 'ProxyFactory' which does not implement 'XMLLoadable'.
But in the 'EJBModule', before using the user defined configurations ('container-invoker-conf' element) the ContainerInvoker instance is verified for XMLLoadable instance. But in our case ProxyFactory is not at all XMLLoadable, so the 'EJBModule' simply skips out the 'container-invoker-conf' configurations.
Is there any way to use SSL in JBoss3.0?