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Thanks @Marek, your suggestion got worked out.

Here is the custom logic to restrict the access to specific role:

public class DeviceEditorForm : Sitecore.Shell.Applications.Layouts.DeviceEditor.DeviceEditorForm

{
    protected override void OnLoad(EventArgs e)
    {
        Assert.ArgumentNotNull(e, "e");
        base.OnLoad(e);
        if (!Context.ClientPage.IsEvent && Sitecore.Context.User.IsInRole(ContentAuthor))
        {
            Layout.Visible = false;
            Placeholders.Visible = false;
        }
    }
}