The problem is likely caused by trying to execute the ./flashall.sh shell script from /media/arun/Edison which is a FAT filesystem that does not support the same set of file permission capabilities as a Linux filesystem. Try unzipping the image to /tmp or elsewhere on your Linux system and run the ./flashall.sh from there instead.
Note: Copying the contents of /media/arun/Edison to /tmp may not correct the permission issues with the files, so it's best to do a fresh unzip of the image.
Yes, as szirin said you need to run the files in another location of your PC.
If you are on Ubuntu, you need to do the following:
In your PC:
sudo apt-get install dfu-util
then download the latest image from: IoT - Intel® Edison Board Download | Intel® Developer Zone
Then, go to the folder where are the files you have just downloaded and run:
Let us know the outcome of this.