Dear Shambhu,
Alternatively, you can use the GENERATE REGULAR POINTS IN POLYGON too in Geospatial Modelling Environment (
http://www.spatialecology.com/gme/genregularpntsinpolys.htm) and use it to generate equally spaced points in your irregular polygon. Once you have done this you can use the THESSSIAN POLYGON tool in ArcGIS to generate equally sized polygons from these regularly spaced points. If you need to generate polygons which are of a specific size, this can be set by setting the distances between the points in the GME tool.
I'm not convinced that any of these solutions will work for you as it seems there is no easy way to divide an irregular polygon into smaller polygons of the same size. However, they are worth looking into, and trying, to see if they will work (or work closely enough) for your specific irregular polygon.
Sorry not to be able to help more on this, but there just doesn't seem to be a simple solution here. If anyone else knows of a solution, please feel free to post it here as I'm sure that this is a problem a lot of people will face at some time or other.
All the best,
Colin