Title of Invention	NOVEL PYRIMIDINE COMPOUNDS
Abstract	The present invention relates to novel pyrimidine compounds of general formula (I), their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutically acceptable compositions containing them. Where all symbols are as defined in the description

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Field of Invention The present invention relates to novel antiobesity and hypocholesterolemic compounds, their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polyniorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutically acceptable compositions containing them. More particularly, the present invention relates to novel P-aryl-a-oxysubstituted alkylcarboxylic acids of the general formula (I), their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutically acceptable compositions containing them. The present invention also relates to a process for the preparation of the above said novel compounds, their analogs, their derivatives, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, pharmaceutically acceptable solvates, novel intermediates and pharmaceutical compositions containing them. The compounds of the present invention lower.total cholesterol (TC); increase high density lipoprotein (HDL) and decrease low density lipoprotein (LDL), which have beneficial effect on coronary heart disease and atherosclerosis. The compounds of general formula (I) are useful in reducing body weight and for the treatment and / or prophylaxis of diseases such as hypertension, coronary heart disease, atherosclerosis, stroke, peripheral vascular diseases and related disorders. These compounds are useful for the treatment of familial hypercholesterolemia, hypertriglyceridemia, lo\yering of atherogenic lipoproteins, VLDL and LDL. The compounds of the present invention can be used for the treatment of certain renal diseases including glomerulonephritis, glomerulosclerosis, nephrotic syndrome, h)T)ertensive nephrosclerosis, retinopathy, nephropathy. The compounds of general formula (I) are also useful for the treatment / prophylaxis of insulin resistance (type II diabetes), leptin resistance^, impaired glucose tolerance, dyslipidemia, disorders related to syndrome X such as hypertension, obesity, insulin resistance, coronary heart disease, and other cardiovascular disorders. These compounds may also be useful as aldose reductase inhibitors, for improving cognitive functions in dementia, treating diabetic complications, disorders related to endothelial cell activation, psoriasis, polycystic ovarian syndrome (PCOS), inflammatory bowel diseases, osteoporosis, myotonic dystrophy, pancreatitis, arteriosclerosis, xanthoma and for the treatment of cancer. The of obesity are unclear. It is believed to be of genetic origin or promoted by an interaction between the genotype and environment. Irrespective of the cause, the result is fat deposition due to imbalance between the energy intake versus energy expenditure. Dieting, exercise and appetite suppression has been a part of obesity treatment. There is a need for efficient therapy to fight this disease since it may lead to coronary heart disease, diabetes, stroke, hyperlipidemia, gout, osteoarthritis, reduced fertility and many other psychological and social problems. Diabetes and insulin resistance is yet another disease which severely effects the quality of a large population in the world. Insulin resistance is the diminished ability ol" insulin to exert its biological action across a broad range of concentrations. In insulin resistance, the body secretes abnormally high amounts of insulin to compensate for this defect; failing which, the plasma glucose concentration inevitably rises and develops into diabetes. Among the developed countries, diabetes mellitus is a common problem and is associated with a variety of abnormalities including obesity, hypertension, hyperlipidemia (J. Clin. Invest, (1985) 75 : 809 - 817; N. Engl. J. Med. (1987) 317 : 350 - 357 ; J. Clin. Endocrinol. Metab., (1988) 66 : 580 - 583; J. Clin. Invest., (1975) 68 : 957 -969) and other renal complications (See Patent Application No. WO 95/21608). It is now increasingly being recognized that insulin resistance and relative hyperinsulinemia have a contributory role in obesity, hypertension, atherosclerosis and type 2 diabetes mellitus. The association of insulin resistance with obesity, hypertension and angina has been described as a syndrome having insulin resistance as the central pathogenic link-Syndrome-X. Hyperlipidemia is the primary cause for cardiovascular (CVD) and other peripheral vascular diseases. High risk of CVD is related to the higher LDL (Low Density Lipoprotein) and VLDL (Very Low Density Lipoprotein) seen in hyperlipidemia. Patients having glucose intolerance / insulin resistance in addition to hyperlipidemia have higher risk of CVD. Numerous studies in the past have shown that lowering of plasma triglycerides and total cholesterol, in particular LDL and VLDL and increasing HDL cholesterol help in preventing cardiovascular diseases. Peroxisome proliferator activated receptors (PPAR) are members of the nuclear receptor super family. The gamma (y) isoform of PPAR (PPARy) has been implicated in regulating differentiation of adipocytes (Endocrinology, (1994) 135: 798-800) and energy homeostasis (Cell, (1995) 83: 803-812), whereas the alpha (a) isoform of PPAR (PPARa) mediates fatty acid oxidation (Trend. Endocrin. Metab., (1993) 4 : 291-296) thereby resulting in reduction of circulating free fatty acid in plasma (Current Biol. (1995) 5: 618 -621). PPARa agonists have been found useful for the treatment of obesity (WO 97/36579). It has been recently disclosed that there exists synergism for the molecules,, which are agonists for both PPARa and PPARy and suggested to be useful for the treatment of syndrome X (WO 97/25042). Similar synergism between the insulin sensitizer (PPARy agonist) and HMG CoA reductase inhibitor has been observed which may be useful for the treatment of atherosclerosis and xanthoma. (EP 0 753 298). It is known that PPARy plays an important role in adipocyte differentiation (Cell, (1996) 87, 377-389). Ligand activation of PPAR is sufficient to cause complete terminal differentiation (Cell, (1994) 79, 1147-1156) including cell cycle withdrawal. PPARy is consistently expressed in certain cells and activation of this nuclear receptor with PPARy agonsits would stimulate the terminal differentiation of adipocyte precursors and cause morphological and molecular changes characteristics of a more differentiated, less malignant state (Molecular Cell, (1998), 465-470; Carcinogenesis, (1998), 1949-53 ; Proc. Natl. Acad. Sci., (1997) 94, 237-241). This would be useful in the treatment of certain types of cancer, which has PPARy and leading to a quite nontoxic chemotherapy. Leptin resistance is a condition wherein the target cells are unable to respond to leptin signal. This may give rise to obesity due to excess food intake and reduced energy expenditure and cause impaired glucose tolerance, type 2 diabetes, cardiovascular diseases and such other interrelated complications. Kallen et al (Proc. Natl. Acad. Sci., (1996) 93, 5793-5796) have reported that insulin sensitizers which perhaps due to their PPAR agonist expression and therefore lower plasm leptin concentrations. However, it has been recently disclosed that compounds having insulin sensitizing property also possess leptin sensitization activity. .They lower the circulating plasma leptin concentrations by improving the target cell response to leptin (WO 98/02159). A few P-aryl-a-hydroxy propionic acids and their derivatives, their analogs have been reported to be useful in the treatment of hj^erglycemia and hypercholesterolemia. Some of such compounds described in the prior art are outlined below : i) U.S. Pat. 5,306,726; WO 91/19702 disclose several 3-aryl-2-hydroxypropionic acid derivatives of general formula (Ila) and (lib) as hypolipidemic and hypoglycemic agents. Summary of the Invention With an objective to develop novel compounds for lowering cholesterol and reducing body weight with beneficial effects in the treatment and / or prophylaxis of diseases related to increased levels of lipids, atherosclerosis, coronary artery diseases, Syndrome-X, impaired glucose tolerance, insulin resistance, insulin resistance leading to type 2 diabetes and diabetes complications thereof, for the treatment of diseases wherein insulin resistance is the pathophysiological mechanism, for the treatment and / or prophylaxis of leptin resistance and complications thereof, hypertension, atherosclerosis and coronary artery diseases with better efficacy, potency and lower toxicity, we focussed our research to develop new compounds effective in the treatment of above mentioned diseases. Effort in this direction has led to compounds having general formula (I). The main objective of the present invention is therefore, to provide novel P-aryl-a-oxysubstituted alkylcarboxyhc acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them, or their mixtures. Another objective of the present invention is to provide novel p-aryl-a-oxysubstituted alkylcarboxyhc acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them or their mixtures which may have agonist activity against PPARa and / or PPARy, and optionally inhibit HMG CoA reductase, in addition to agonist activity against PPARa and / or PPARy. Another objective of the present invention is to provide novel P-aryl-a-oxysubstituted alkylcarboxylic acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them or their mixtures having enhanced activities, without toxic effect or with reduced toxic effect. Yet another objective of the present invention is to produce a process for the preparation of novel p-aryl-a-oxysubstituted alkylcarboxylic acids and their derivatives of the formula (I) as defined above, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts and their pharmaceutically acceptable solvates. Still another objective of the present invention is to provide pharmaceutical compositions containing compounds of the general formula (I), their analogs, their derivatives, their tautomers, their stereoisomers, their polymorphs, their salts, solvates or their mixtures in combination with suitable carriers, solvents, diluents and other media normally employed in preparing such compositions. A further objective of the present invention is to provide novel intermediates, a process for preparation of the intermediates and a process for the preparation of novel (J-aryl-a-oxysubstituted alkylcarboxylic acids using the intermediates. Detailed Description of the Invention P-aryl a-oxysubstituted propionic acids, their derivatives and their analogs of the present invention have the general formula (I) where X represents O or S ; the groups R^ R2 and group R^ when attached to the carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R^, R^ along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R^ when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fiised aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4;,R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups; Y represents oxygen or NR8, where R8 represents hydrogen, alkyl, aryl, hydroxyalkyl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R7 and R8 together may form a substituted or unsubstituted 5 or 6 membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulftir or nitrogen. Suitable groups represented by R1, R2 and the group R3 when attached to carbon atom may be selected from hydrogen, halogen atom such as fluorine, chlorine, bromine, or iodine; hydroxy, cyano, nitro, formyl; substituted or unsubstituted (Ci-Ci2)alkyl group, especially, linear or branched (C|-C6)alkyl group, such as methyl, ethyl, n-propyl, iso-propyl, n-butyl, iso-butyl, t-butyl, n-pentyl, iso-pentyl, hexyl and the like; cyclo(C3-C6)alkyl group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl and the like, the cycloalkyl group may be substituted; cyclo(C3-C6)alkoxy group such as cyclopropyloxy, cyclobutyloxy, cyclopentyloxy, cyclohexyloxy and the like, the cycloalkoxy group may be substituted; aryl group such as phenyl or naphthyl, the aryl group may be substituted; aralkyl such as benzyl or phenethyl, C6H5CH2CH2CH2, naphthylmethyl and the like, the aralkyl group may be substituted and the substituted aralkyl is a group such as CH3C6H4CH2, Hal-C6H4CH2, CH3OC6H4CH2, CH3OC6H4CH2CH2 arid the like; heteroaryl group such as pyridyl, thienyl, furyl, pyrrolyl, oxazolyl, thiazolyl, imidazolyl, oxadiazolyl, tetrazolyl, benzopyranyl, benzofiiranyl and the like, the heteroaryl group may be substituted; heterocyclyl groups such as aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, piperazinyl and the like, the heterocyclyl group may be substituted; aralkoxy group such as benzyloxy, phenethyloxy, naphthylmethyloxy, phenylpropyloxy and the like, the aralkoxy group may be substituted; heteroaralkyl group such as fiiranmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkylamino group such as C6H5CH2NH, C6H5CH2CH2NH, C6H5CH2NCH3 and the like, which may be substituted; alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl; aryloxycarbonyl group such as optionally substituted phenoxycarbonyl, naphthyloxycarbonyl and the like; aralkoxycarbonyl group such as benzyloxycarbonyl, phenethyloxycarbonyl, naphthylmethoxycarbonyl and the like, which may be substituted; (CrC6)alkylamino group such as NHCH3, NHC2H5, NHC3H7, NHCeH13 and the like; (CrC6)dialkylamino group such as N(CH3)2, NCH3(C2H5); alkoxyalkyl group such as methoxymethyl, ethoxymethyl, methoxyethyl, ethoxyethyl and the like; aryloxyalkyl group such as C6H5OCH2, C6H5OCH2CH2, naphthyloxymethyl and the like, which may be substituted; aralkoxyalkyl group such as C6H5CH2OCH2, C6H5CH2OCH2CH2 and the like, which may be substituted; heteroaryloxy and heteroaralkoxy, wherein heteroaryl moiety is as defined earlier and may be substituted; aryloxy group such as phenoxy, naphthyloxy, the aryloxy group may be substituted; arylamino group such as HNC6H5, NCH3(C6H5), NHC6H4CH3, NHC6H4-Hal and the Hke; amino group; amino(CrC6)alkyl; hydroxy(Ci-C6)alkyl; (C1-C6)alkoxy such as methoxy, ethoxy, propyloxy, butyloxy, iso-propyloxy and the hke; thio(Ci-C6)alkyl; (Ci-C6)aIkylthio; acyl group such as acetyl, propionyl or benzoyl, the acyl group may be substituted; acylamino groups such as NHCOCH3, NHCOC2H5, NHCOC3H7, NHCOC6H5; aralkoxycarbonylamino group such as NHCOOCH2C6H5, NHCOOCH2CH2C6H5, N(CH3)COOCH2C6H5, N(C2H5)COOCH2C6H5, NHCOOCH2C6H4CH3, NHCOOCH2C6H4OCH3 and the like; aryloxycarbonylamino group such as NHCOOC6H5, NCH3COOC6H5, NC2H5COOC6H5, NHCOOC6H4CH3, NHCOOC6H4OCH3 and the like; alkoxycarbonylamino group such as NHCOOC2H5, NHCOOCH3 and the like; carboxylic acid or its derivatives such as amides, like CONH2, CONHMe, CONMe2, CONHEt, C0NEt2, CONHPh and the like, the carboxylic acid derivatives may be substituted; acyloxy group such as OOCMc, OOCEt, OOCPh and the like which may optionally be substituted; sulfonic acid or its derivatives such as SO2NH2, S02NHMe, S02NMe2, SO2NHCF3 and the like, the sulfonic acid derivatives may be substituted. When the groups represented by R , R and the group R when attached to carbon atom are substituted, the substituents may be selected from halogen, hydroxy, nitro or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, aralkoxy, alkoxycirbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. It is preferred that the substituents on R1 to R3 represent halogen atom such as fluorine, chlorine, bromine, hydroxy group, optionally halogenated groups selected from alkyl group such as methyl, ethyl, isopropyl, n-propyl, n-butyl; cycloalkyl group such as cyclopropyl; aryl group such as phenyl; aralkyl group such as benzyl; (Ci-C3)alkoxy, benzyloxy, acyl or acyloxy groups. Suitable cyclic structures formed by R1 & R2 together with the carbon atoms to which they are attached contain 5 to 6 ring atoms, which include, optionally substituted phenyl, pyridyl, furanyl, thienyl, pyrrolyl and the like. Suitable substituents on the cyclic structure formed by R1 & R2 together with the adjacent carbon atoms to which they are attached include hydroxy, halogen atom such as chlorine, bromine and iodine; nitro, cyano, amino, formyl, (Ci-C3)alkyl, (CrC3)alkoxy, thioalkyl, alkylthio groups. Suitable R3 when attached to nitrogen atom is selected from hydrogen, hydroxy, formyl; substituted or unsubstituted (C|-Ci2)alkyl group, especially, linear or branched (Ci-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyl, iso-butyl, t-butyl, n-pentyl, isopentyl, hexyl and the like; cyclo(C3-C6)alkyl group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl and the like, the cycloalkyl group may be substituted; cyclo(C3-C6)alkoxy group such as cyclopropyloxy, cyclobutyloxy, cyclopentyloxy, cyclohexyloxy and the like, the cycloalkoxy group may be substituted; aryl group such as phenyl or naphthyl, the aryl group may be substituted; aralkyl such as benzyl or phenethyl, C6H5CH2CH2CH2, naphthylmethyl and the like, the aralkyl group may be substituted and the substituted aralkyl is a group such as CH3C6H4CH2, Hal-C6H4CH2, CH3OC6H4CH2, CH3OC6H4CH2CH2 and the like; heteroaryl group such as pyridyl, thienyl, furyl, pyrrolyl, oxazolyl, thiazolyl, imidazolyl, oxadiazolyl, tetrazolyl, benzopyranyl, benzofuranyl and the like, the heteroaryl group may be substituted; heterocyclyl groups such as aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, piperazinyl and the like, the heterocyclyl group may be substituted; aralkoxy group such as benzyloxy, phenethyloxy, naphthylmethyloxy, phenylpropyloxy and the like, the aralkoxy group may be substituted; heteroaralkyl group such as furanmelhyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkylamino group such as C6H5CH2NH, C6H5CH2CH2NH, C6H5CH2NCH3 and the like, which may be substituted; alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl; aryloxycarbonyl group such as optionally substituted phenoxycarbonyl, naphthyloxycarbonyl and the like; aralkoxycarbonyl group such as benzyloxycarbonyl, phenethyloxycarbonyl, naphthylmethoxycarbonyl and the like, which may be substituted; (Ci-C6)alkylamino group such as NHCH3, N(CH3)2, NCH3(C2H5), NHC2H5, NHC3H7, NHC6H13 and the like; alkoxyalkyl group such as methoxymethyl, ethoxymethyl, methoxyethyl, ethoxyethyl and the like; aryloxyalkyl group such as C6H5OCH2, C6H5OCH2CH2, naphthyloxymethyl and the like, which may be substituted; aralkoxyalkyl group such as C6H5CH2OCH2, C6H5CH2OCH2CH2 arid the like, which may be substituted; heteroaryloxy and heteroaralkoxy, wherein heteroaryl moiety is as defined earlier and may be substituted; aryloxy group such as phenoxy, naphthyloxy, the aryloxy group may be substituted; arylamino group such as HNC6H5, NCH3(C6H5), NHC6H4CH3, NHC6H4-Hal and the like; amino group; amino(Ci-C6)alkyl; hydroxy(CI-C6)alkyl; (C1C6)alkQxy such as methoxy, ethoxy, propyloxy, butyloxy, iso-propyloxy and the like; thio(C1-C6)alkyl; (C|-C6)alkylthio; acyl group such as acetyl, propionyl or benzoyl, the acyl group may be substituted; acylamino groups such as NHCOCH3, NHCOC2H5, NHCOC3H7, NHCOC6H5; carboxylic acid derivatives such as amides, like CONH2, CONHMe, C0NMe2, CONHEt, C0NEt2, CONHPh and the like, the carboxylic acid derivatives may be substituted; acyloxy group such as OOCMe, OOCEt, OOCPh and the like which may optionally be substituted; sulfonic acid derivatives such as SO2NH2, S02NHMe, S02NMe2, SO2NHCF3 and the like, the sulfonic acid derivatives may be substituted. When the groups represented by R attached to nitrogen are substituted, preferred substituents may be selected from halogen such as fluorine, chlorine; hydroxy, acyl, acyloxy, amino groups. n is an integer ranging from 1 - 4. It is preferred that n be 1 or 2. Suitable groups represented by Ar include substituted or unsubstituted groups selected from divalent phenylene, naphthylene, pyridyl, quinolinyl, benzofuryl, dihydrobenzofuryl, benzopyranyl, indolyl, indolinyl, azaindolyl, azaindolinyl, pyrazolyl, benzothiazolyl, benzoxazolyl and the like. The substituents on the group represented by Ar may be selected from substituted or unsubstituted linear or branched (Ci-C6)alkyl, (CrC3)alkoxy, halogen, acyl, amino, acylamino, thio or carboxylic or sulfonic acids and their derivatives. It is preferred that Ar represents substituted or unsubstituted divalent phenylene, naphthylene, benzofuryl, indolyl, indolinyl, quinolinyl, azaindolyl, azaindolinyl, benzothiazolyl or benzoxazolyl. It is more preferred that Ar is represented by divalent phenylene or naphthylene, which may be optionally substituted by methyl, halomethyl, methoxy or halomethoxy groups. Suitable R4 includes hydrogen, lower alkyl groups such as methyl, ethyl or propyl; hydroxy, (C|-C3)alkoxy; halogen atom such as fluorine, chlorine, bromine, iodine; aralkyl such as benzyl, phenethyl, which mky be optionally substituted or R4 together with R5 represent a bond. Suitable R5 may be hydrogen, lower alkyl groups such as methyl, ethyl or propyl; hydroxy, (CrC3)alkoxy; halogen atom such as fluorine, chlorine, bromine, iodine; acyl group such as linear or branched (C2-Cio)acyl group such as acetyl, propanoyl, butanoyl, pentanoyl, benzoyl and the like; aralkyl such as benzyl, phenethyl, which may be optionally substituted or together with R4 forms a bond. It is preferred that R4 and R5 represent hydrogen atom or R4 and R5 together represent a bond. Suitable groups represented by R6 may be selected from hydrogen, substituted or unsubstituted, linear or branched (C1-C6)alkyl, preferably (CrCi2)alkyl group such as methyl, ethyl, n-propyl, iso-propyl, n-butyl, iso-butyl,' pentyl, hexyl, octyl and the like; (C3-C7)cycloalkyl group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl, and the like, the cycloalkyl group may be substituted; aryl group such as phenyl, naphthyl, the aryl group may be substituted; heteroaryl group such as pyridyl, thienyl, furyl and the like, the heteroaryl group may be substituted; heteroaralkyl group such as furanmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkyl group wherein the alkyl moiety may contain C1-C6 atoms such as benzyl and phenethyl etc, wherein the aryl moiety may be substituted; heterocyclyl group such as aziridinyl, pyrrolidinyl, piperidinyl and the like, the heterocyclyl group may be substituted; (Ci-C6)alkoxy(Ci-C6)alkyl group such as methoxymethyl, ethoxymethyl, methoxyethyl, ethoxypropyl and the like, the alkoxyalkyl group may be substituted; substituted or unsubstituted, linear or branched(C2-Ci6)acyl group such as acetyl, propanoyl, butanoyl, benzoyl, octanoyl, decanoyl and the like; (C!-C6)alkoxycarbonyl, the alkyl group may be substituted; aryloxycarbonyl such as phenoxycarbonyl, naphthyloxycarbonyl, the aryl group may be substituted; (Ci-C6)alkylaminocarbonyl, the alkyl group may be substituted; arylaminocarbonyl such as PhNHCO, naphthylaminocarbonyl, the aryl moiety may be substituted. The substituents may be selected from halogen, hydroxy, or nitro or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. Suitable groups represented by R7 may be selected from hydrogen, substituted or unsubstituted, linear or branched (Ci-Ci6)alkyl, preferably (C1-C12)alkyl group such as methyl, ethyl, n-propyl, iso-propyl, n-butyl, iso-butyl, pentyl, hexyl, octyl and the like; (C3-C7)cycloalkyl such as cyclopropyl, cyclopentyl, cyclohexyl and the like, the cycloalkyl group may be substituted; aryl group such as phenyl, naphthyl, the aryl group may be substituted; heteroaryl group such as pyridyl, thienyl, furyl and the like, the heteroaryl group may be substituted; heteroaralkyl group such as furanmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkyl group such as benzyl and phenethyl, the aralkyl group may be substituted; heterocyclyl group such as aziridinyl, pyrrolidinyl, piperidinyl and the like, the heterocyclyl group may be substituted. The substituents on R7 may be selected from the same group ofR1-R3 Suitable groups represented by R8 may be selected from hydrogen, substituted or unsubstituted, linear or branched (Ci-Ci6)alkyl, preferably (Ci-Ci2)alkyl; hydroxy(Ci-C6)alkyl; aryl group such as phenyl, naphthyl; aralkyl group such as benzyl and phenethyl; heterocyclyl group such as aziridinyl, pyrrolidinyl, piperidinyl, and the like; heteroaryl group such as pyridyl, thienyl, furyl and the like; heteroaralkyl group such as furanmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like. -J Q Suitable ring structures formed'by R and R together may be selected from pyrrolidinyl, piperidinyl, morpholinyl, piperazinyl, oxazolinyl, diazolinyl and the like. Suitable substituents on the cyclic structure formed by R7 and R8 taken together may be selected from halogen, hydroxy, alkyl, oxo, aralkyl and the like. Suitable n is an integer ranging from 1 to 4, preferably n represents an integer 1 or 2. The compounds of formula (I) where R6 represents hydrogen atom and R' represents hydrogen or lower alkyl group have been claimed in our copending applications 08/777,627 and 08/884,816. Pharmaceutically acceptable salts forming part of this invention include salts of the carboxylic acid moiety such as alkali metal salts like Li, Na, and K salts, alkaline earth metal salts like Ca and Mg salts, salts of organic bases such as lysine, arginine, guanidine, diethanolamine, choline, tromethamine and the like, ammonium or substituted ammonium salts, aluminum salts. Salts may include acid addition salts where appropriate which are, sulphates, nitrates, phosphates, perchlorates, borates, hydrohalides, acetates, tartrates, maleates, citrates, succinates, palmoates, methanesulphonates, benzoates, salicylates, hydroxynaphthoates, benzenesulfonates, ascorbates, glycerophosphates, ketoglutarates and the like. Pharmaceutically acceptable solvates may be hydrates or comprising other solvents of crystallization such as alcohols. Particularly useful compounds according to the present invention includes: (±)-Ethyl2-ethoxy-3-[4-[[3-methyl"4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid ; (±)-Sodium2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoate; [2R, N(1S)] 2-ethoxy-3-[4-[[3-Methyl-4-oxo-3,4-dihydro-2-quinazolinyl]niethoxy]phenyl] -N-(2-hydroxy- l-phenylethyl)propanamide; [2S,N(lS)]2-ethoxy-3-[4-[[3-Methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2-hydroxy-1-phenylethyl)propanamide ; (+)-2"Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; (-)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; (-)-Sodium2-ethoxy-3-[4-[[3-methyl-4'-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate; (±)-(morpholine-4-yl) 2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanamide; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2-fluorophenyl)propanamide; (±)-Ethyl 2-niethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoate; (±)-2-Methoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]niethoxy]phenyl]propanoicacid; (±)-Ethyl 2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoate; (±)-2-Propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; [2S, N(1S)] 2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]niethoxy]phenyl]-N-(2- hydroxy-l-phenylethyl)propanamide; [2R, N(1S)] 2-Propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2-' hydroxy-1 -phcnylethyl)propanamide ; (±)-Ethyl2-(n-butoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoate ; (±)-2-(n-Butoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid; (±)-Ethyl2-(n-octyloxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]met]ioxy] phenyljpropanoate; (±)-Ethyl 2-benzyloxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl propanoate; (±)-2-Benzyloxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]niethoxy]phenyl]propanoicacid; (±)-Ethyl 2-phenoxy 3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate; (±)-2-Phenoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid; (±)-Ethyl2-(2-methoxyethoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyI]methoxy]phenyl] propanoate; (±)-2-(2-Methoxyethoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid; (±)-Ethyl2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate; (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; [2R,N(lS)]2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2- hydroxy-1 -phenylethyl)propanamide; (+)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid; (-)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazoIinyl]ethoxy]phenyl]propanoicacid; (+)-Ethyl2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phcnyl]propanoate; (-)-Ethyl2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate; (±)-Ethyl 2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid; [2R,N(lS)]2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2-hydroxy-1 -phenylethyl)propanamide ; [2S, N(1S)] 2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2-hydroxy-l-phenylethyl)propanamide ; (+)-2-Ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (-)-2-Ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (+)-Ethyl 2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate; (-)-Ethyl-2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-Ethyl2-ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid; (±)-Ethyl2-phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-2-Phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (±)-Ethyl 2-phenoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl] propanoate ; (±)-2-Phenoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (±)-Ethyl 2-ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-1 -pyrimidinyI]ethoxy]phenyI]propanoate ; (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-1 -pyrimidinyl]ethoxy]phenyl]propanoHC acid ; (±)-Ethyl 2-ethoxy-3-[4-[[3-phenyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenv)]propanoate ; (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-1 -pyrimidinyl]ethoxy]phenyl]propanoic acid ; (d:)-Ethyl 2-ethoxy-3-[4-[[3-phenyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyI]propanoate ; (±)-2-Ethoxy-3-[4-[[3-phenyl-4-oxO'-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; (±)-Ethyl2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazoIinyl] methoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazolinyl]methoxy] phenyl]propanoic acid; (d=)-Ethyl2-ethoxy-3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoate; (±)-2-Ethoxy-3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoic acid; (i:)"Ethyl 2-ethoxy-3-[4-[[3-(4-methoxyphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoate ; (±)-2-Ethoxy-3-[4-[[3-(4-methoxyphenyl)-4-oxo-31/4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-quinazolinylJmethoxyJphenylJpropanoate ; (±)-2-Ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-quinazolinylJmethoxy]phenyl]propanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[[3-(3-chlorophenyl)-4-oxo-3,4-dihydro-2-quinazolinylJmethoxyJphenylJ propanoate ; (±)-2-Ethoxy-3-[4-[[3-(3-chiorophenyl)-4-oxo-3,4-dihydro-2-quinazolinylJmethoxyJphenylJ i propanoic acid; (±)-Ethyl2-ethoxy-3-[4-[[3-(3-chloro-4-fluorophen5'l)-4-oxo-3,4-dihydro-2-quinazolinylJ methoxyjphenyljpropanoate; (±)-2-Ethoxy-3-[4-[[3-(3-chloro-4-fluorophenyl)-4-oxo-3,4-dihydro-2-quinazolinylJ methoxyjphenyljpropanoic acid; According to a feature of the present invention, the compound of general formula (I) where R4 and R5 together represent a bond , Y represent oxygen atom, R1, R2, R3 R6 R7 X, n and Ar are as defined earlier, can be prepared by any of the following routes shown in Scheme-I below. Scheme -1 Route (1) : The reaction of a compound of the general formula (Ilia) where all symbols are as defined earlier with a compound of formula (Illb) where R6, R7 are as defined earlier excluding hydrogen and R9 represents (C1-C6)alkyl, to yield compound of general formula (I) where all symbols are as defined above may be carried out in the presence of a base such as alkali metal hydrides like NaH, KH or organolithiums like CH3Li, BuLi and the like or alkoxides such as NaOMe, NaOEt, K+BuO" or mixtures thereof. The reaction may be carried out in the presence of solvents such as THF, dioxane, DMF, DMSO, DME and the like or mixtures thereof. HMPA may be used as cosolvent. The reaction temperature may range from -78 0c to 50 0C, preferably at a temperature in the range of -10 0c to 30 0c. The reaction is more effective under anhydrous conditions. The compound of general formula (Illb) may be prepared by Arbuzov reaction. Alternatively, the compound of formula (I) may be prepared by reacting the compound of formula (Ilia) where all symbols are as defined earlier with Wittig reagents such as HarPh3P+CH-(0R6)C02R7 under similar reaction conditions as described above. Route (2) : The reaction of a compound of general formula (IIIc) where all symbols are as defined earlier with a compound of general formula (Hid) where R4, R5 together represent a bond and R6, R7 are as defined earlier excluding hydrogen and all symbols are as defined earlier and L1 is a leaving group such as halogen atom, p-toluenesulfonate, methanesulfonate, trifluoromethanesulfonate and the like, preferably a halogen atom to produce a compound of general formula (I) where -(CH2)n-linker group is attached through the nitrogen atom and all other symbols are as defined above may be carried out in the presence of solvents such as DMSO, DMF, DME, THF, dioxane, ether and the like or a combination thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, He. The reaction may be effected in the presence of a base such as alkalis like sodium hydroxide, potassium hydroxide, alkali metal carbonates like sodium carbonate, potassium carbonate; alkali metal hydrides such as sodium hydride or potassium hydride; organometallic bases like n-butyl lithium, alkali metal amides like sodamide or mixtures thereof The amount of base may range from 1 to 5 equivalents, based on the amount of the compound of formula (IIIc), preferably the amount of base ranges from 1 to 3 equivalents. Phase transfer catalysts such as tetraalkylammonium halide or hydroxide may be added. Additives such as alkali metal halides such as LiBr may be added. The reaction may be carried out at a temperature in the range of 0 0C to 150 0C, preferably at a temperature in the range of 15 0C to 100 0C. The duration of the reaction may range from 0.25 to 48 hours, preferably, from 0.25 to 12 hours. Route (3): The reaction of compound of general formula (Ille) with a compound of general formula (Illf) where R4, R5 together represent a bond, L2 is halogen, -OH, -ORIO, -0-C(=0)-OR10, where RIO is (C|-C5)alkyl and other symbols are as defined earlier, to produce a compound of general formula (I) where -(CH2)n- linker group is attached through the carbon atom and all other symbols are as defined above may be carried out in the presence of solvents such as xylene, toluene, THF, dioxane, acetic acid, DMF, DMSO and the like or mixtures thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be carried out at a temperature in the range of 50 0C to 200 0C, preferably at a temperature in the range of 60 0 C to 180 0C. The reaction may be effected in the presence or in absence of a base or an acid. The nature of the base or the acid is not critical. Examples of such bases include organic bases such as pyridine, lutidine, triethyl amine, diisopropylethyl amine and the like, metal carbonates such as K2CO3, Na2C03. Examples of acids include organic acids such as AcOH, C2H5COOH, butyric acid, trifluoroacetic acid, p-toluenesulfonic acid, bcnzenesulfonic acid and the like, mineral acids such as HCl, HBr etc. The duration of the reaction may range from 0.25 to 48 liours, preferably from 0.50 to 18 hours. This process is preferably used for the preparation of a compound of formula (I) wherein R1 and R2 together represent a cyclic structure defined earlier. Route (4): The reaction of a compound of the general formula (Ilia) where all other symbols are as defined earlier, with a compound of formula (Illg) where R5 is as defined earlier and R6, R7 are as defined earlier excluding hydrogen may be carried out in the presence of a base. The nature of the base is not critical. Any base normally employed for aldol condensation reaction may be employed; bases like metal hydride such as NaH, KH, metal alkoxides such as NaOMe, t-BuO"K+, NaOEt, metal amides such as LiNH2, LiN(ipr)2 may be used. Aprotic solvents such as THF, ether, dioxane may be used. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, or He and the reaction is more effective under anhydrous conditions. Temperature in the range of-80 °C to 35 °C may be used. The P-hydroxy product initially produced may be dehydrated under conventional dehydration conditions such as treating with PTSA in solvents such as benzene or toluene. The nature of solvent and dehydrating agent is not critical. Temperature in the range of 20 °C to reflux temperature of the solvent used may be employed, preferably at reflux temperature of the solvent by continuous removal of water using a Dean Stark water separator. Route (5): The reaction of compound of formula (Illh) where all symbols are as defined earlier and L^ represents a leaving group such as halogen atom, p-toluenesulfonatc, methanesulfonate, trifluoromethanesulfonate and the like, preferably a halogen atom with compound of formula (Illi) where R4 and R5 together represent a bond and R6, R7 are as defined earlier excluding hydrogen and Ar are as defined earlier to produce a compound of the formula (I) defined above may be carried out in the presence of aprotic solvents such as THF, DMF, DMSO, DME and tlie like or mixtures thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, or He. The reaction may be effected in the presence of a base such as K2CO3, Na2C03 or NaH or mixtures thereof Acetone may be used as solvent when Na2C03 or K2CO3 is used as a base. The reaction temperature may range from 0 °C - 120 °C, preferably at a temperature in the range of 30 °C - 100 °C. The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. The compound of formula (Illi) can be prepared according to known procedure by a Wittig Homer reaction between the hydroxy protected aryl aldehyde such as benzyloxyaryl aldehyde and compound of formula (Illb), followed by deprotection. Route (6) : The reaction of compound of general formula (IIIj) where all symbol are as defined earlier with a compound of general formula (Illi) where R4 and R5 together represenf: a bond and R6, R7 are as defined earlier excluding hydrogen and Ar is as defined earlier may be carried out using suitable coupling agents such as dicyclohexyl urea, triarylphosphine/dialkylazadicarboxylate such as PPh3 / DEAD and the like. The reaction may be carried out in the presence of solvents such as THF, DME, CH2CI2, CHCI3, toluene, acetonitrile, carbon tetrachloride and the like. The inert atmosphere may be maintained by using inert gases such as N2, Ar, He. The reaction may be effected in the presence of DMAP, HOBT and they may be used in the range of 0.05 to 2 equivalents, preferably 0.25 to 1 equivalents. The reaction temperature may be in the range of 0 °C to 100 °C, preferably at a temperature in the range of 20 T to 80 T. The duration of the reaction may range from 0.5 to 24 hours, preferably from 6 to 12 hours. Route 7 : The reaction of a compound of formula (Illk) where all symbols are as defined earlier with a compound of formula (IIIl) where R6 = R7 and are as defined earlier excluding hydrogen, to produce a compound of the formula (I) where R4 and R5 together represent a bond may be carried out neat in the presence of a base such as alkali metal hydrides like NaH, KH m- organolithiums like CH3Li, BuLi and the like or alkoxides such as NaOMe, NaOEt, t-BuO"K+ and the like or mixtures thereof. The reaction may be carried out in the presence of aprotic solvents such as THF, dioxane, DMF, DMSO, DME and the like or mixtures thereof. HMPA may be used as cosolvent. The reaction temperature may range from -78 °C to 100 °C, preferably at a temperature in the range of-10 °C to 50 OC. Route 8 : The reaction of compound of general formula (Illm), where R4 and R5 together represent a bond and R & R are as defined earlier excluding hydrogen with a compound of general formula (Illn) where all symbols are as defined earlier to produce a compound of general formula (I), where -(CH2)n- linker group is attached through nitrogen atom and all other symbols are as defined earlier may be carried out in neat or in the presence of solvents such as xylene, toluene, THF, dioxane, acetic acid, DMF, DMSO and the like or mixtures thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be carried out at a temperature in the range of 50 °C to 200 °C, preferably at a temperature in the range of 60 ° C to 180 °C. The reaction may be effected in the presence or in absence of a base or an acid. The nature of the base or the acid is not critical. Examples of such bases include organic bases such as pyridine, lutidine, triethyl amine, diisopropylethyl amine and the like, metal carbonates such as K2CO3, Na2C03. Examples of acids mclude organic acids such as AcOH, C2H5COOH, thereof. Acetone may be used as a solvent when K2CO3 or Na2C03 is used as a base. The reaction temperature may range from 20 °C - 120 °C, preferably at a temperature in the range of 30 °C - 80 °C. The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. The compound of formula (Illi) may be prepared by Wittig Homer reaction between the protected hydroxyaryl aldehyde and compound of formula (Illb) followed by reduction of the double bond and deprotection. Alternatively, the compound of formula (Illi) may be prepared by following a procedure disclosed in WO 94/01420. Route 12 : The reaction of compound of general formula (IIIj) defined earlier with a compound of general formula (Illi) where R6 & R7 are as defined earlier excluding hydrogen and all symbols are as defined above may be carried out using suitable coupling agents such as dicyclohexyl urea, triarylphosphine/dialkylazadicarboxylate such as PPhs / DEAD and the like. The reaction may be carried out in the presence of solvents such as THF, DME, CH2CI2, CHCI3, toluene, acetonitrile, carbon tetrachloride and the like. The inert atmosphere may be maintained by using inert gases such as N2, Ar, He. The reaction may be effected in the presence of DMAP, HOBT and they may be used in the range of 0.05 to 2 equivalents, preferably 0.25 to 1 equivalents. The reaction temperature may be in the range of 0 °C to 100 °C- preferably at a temperature in the range of 20 °C to 80 T. The duration of the reaction may range from 0.5 to 24 hours, preferably from 6 to 12 hours. Route 13 : The reaction of compound of formula (IVd) which represents a compound of formula (I) where R is as defined earlier excluding hydrogen and all symbols are as defined above with a compound of formula (IVe) where R6 is as defined earlier excluding hydrogen and L3 is a halogen atom may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like. The inert atmosphere may be maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as KOH, NaOH, NaOMe, t-BuOK+, NaH and the like. Phase transfer catalyst such as tetraalkylammonium halides or hydroxides may be employed. The reaction temperature may range from 20 °C to 150 °C, preferably at a temperature in the range of 30 °C to 100 °C. The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 6 hours. The compound of formula (IVd) where R7 represents hydrogen or lower alkyl group and its preparation has been disclosed in the copending application Nos. 08/777,627 and 08/884,816. The compound of formula (IVd) represents a compound of formula (I) where R6 represents hydrogen atom and all other svmbols are as defined earlier. Route 14 : The reaction of a compound of the general formula (Ilia) as defined above with a compound of formula (Illg) where R5 is as defined earlier and R6, R7 are as defined earlier excluding hydrogen may be carried out under conventional conditions. The base is not critical. Any base normally employed for aldol condensation reaction may be employed, metal hydride sucl) as NaH, KH, metal alkoxides such as NaOMe, t-BuOK1, NaOEt, metal amides such as LiNH2, LiN(iPr)2. Aprotic solvent such as THF may be used. Inert atmosphere may be employed such as argon and the reaction is more effective under anhydrous conditions. Temperature in the range of -80 °C to 25 °C may be used. The P-hydroxy aldol product may be dehydroxylalcd using conventional methods, conveniently by ionic hydrogenation technique such as by treating with a trialkyl silane in the presence of an acid such as trifluoroacetic acid. Solvent such as CH2CI2 may be used. Favorably, reacfion proceeds at 25 °C. Higher temperature may be employed if the reaction is slow. Route 15 : The reaction of a compound of general formula (IIIc) where all symbols are as defined earlier with a compound of general formula (Hid) where R & R are as defined earlier excluding hydrogen and L* is a leaving group such as halogen atom, p-toluenesulfonatc, methanesulfonate, trifluoromethanesulfonate and the like, preferably a halogen atom and all other symbols are as defined earlier to produce a compound of general formula (I) where -(CH2)n- is attached through nitrogen atom and all other symbols are as defined above may be carried out in the presence of solvents such as DMSO, DMF, DME^ THF, dioxane, ether and the like or a combination thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, He. The reaction may be effected in the presence of a base such as alkalis like sodium hydroxide, potassium hydroxide, alkali metal carbonates like sodium carbonate, potassium carbonate; alkali metal hydrides such as sodium hydride or potassium hydride; organometallic bases like n-butyl lithium, alkali metal amides like sodamide or mixtures thereof. The amount of base may range from 1 to 5 equivalents, based on the amount of the compound of formula (IIIc), preferably the amount of base ranges from 1 to 3 equivalents. Additives such as alkah metal halides such as LiBr may be added. The reaction may be carried out at a temperature in the range of 0 °C to 150 °C, preferably at a temperature in the range of 15°c to 100 °C. The duration of the reaction may range from 0.25 to 24 hours, preferably from 0.25 to 12 hours. Route 16 : The reaction of compound of general formula (Ille) as defined earlier with a compound of general formula (Illf) where R6 & R7 are as defined eariier excluding hydrogen and L2 is halogen, -OH, -ORIO, -0-C(=0)-OR10, where RIO is (Ci-C5)alkyl and all other symbols are as defined earlier, to produce a compound of general formula (I) where -(CH2)n- is attached through carbon atom and all other symbols are as defined above may be carried out in neat or in the presence of solvents Such as xylene, toluene, THF, dioxane, acetic acid, DMF, DMSO and the like or mixtures thereof. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be carried out at a temperature in the range of 50 °C to 200 °C, preferably at a temperature in the range of 60 °C to 180 °C. The reaction may be effected in the presence or in absence of a base or an acid. The nature of the base or the acid is not critical. Example of such bases include organic bases such as pyridine, lutidine, Iriethyl amine, diisopropylethyl amine and the like, metal carbonates such as K2CO3, Na2C03. Examples of acids include organic acids such as AcOH, C2H5COOH, butyric acid, trifluoroacetic acid, p-toluenesulfonic acid, benzenesulfonic acid and the like, mineral acids such as HCl, HBr etc. The duration of the reaction may range from 0.25 to 48 hours, preferably from 0.50 to 18 hours. This process is preferably used for the preparation of a compound of formula (I) wherein R1 and R2 together represent a cyclic structure defined earlier. Route 17 : The conversion of compound of formula (IVf) where all symbols are as defined earlied to a compound of formula (I) may be carried out either in the presence of base or acid and the selection of base or acid is not critical. Any base normally used for hydrolysis of nitrile to acid may be employed, metal hydroxides such as NaOH, KOH in an aqueous solvent or any acid normally used for hydrolysis of nitrile to ester may be employed such as dry HCl in an excess of alcohol such as methanol, ethanol, propanol etc. The reaction may be carried out at a temperature in the range of 0 OC to reflux temperature of the solvent used, preferably at a temperature in the range of 25 °C to reflux temperature of the solvent used. The duration of the reaction may range from 0.25 to 48 hrs. Route 18 : The reaction of a compound of formula (IVg) where R' is as defined earlier excluding hydrogen and all symbols are as defined earlier with a compound of formula (IVc) where R6 is as defined earlier excluding hydrogen to produce a compound of formula (I) (by a rhodium carbenoid mediated insertion reaction) may be carried out in the presence of rhodium (II) salts such as rhodium (II) acetate. The reaction may be carried out in the presence of solvents such as benzene, toluene, dioxane, ether, THF and the like or a combination thereof or when practicable in the presence of R6OH as solvent at any temperature providing a convenient rate of formation of the required product, generally at an elevated temperature, such as reflux temperature of the solvent. The inert atmosphere may be maintained by using inert gases such as N2, Ar, He. The duration of the reaction may be range from 0.5 to 24 h, preferably from 0.5 to 6 h. Route 19 : The reaction of compound of general formula (Illm), where R6 & R7 are as defined earlier excluding hydrogen and all other symbols are as defined above with a compound of general formula (Illn) where all symbols are as defined earlicr to produce a compound of general formula (I), where -(CH2)n- linker group is attached through nitrogen atom and all other symbols are as defined earlier may be carried out in neat or in the presence of solvents such as xylene, toluene, THF, dioxane, acetic acid, DMF, DMSO and the like or mixtures thereof. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be carried out at a temperature in the range of 50 °C to 200 °C, preferably at a temperature in the range of 60 °C to 180 °C. The reaction may be effected in the presence or in absence of a base or an acid. The nature of the base or the acid is not critical. Examples of such bases include organic bases such as pyridine, lutidine, triethyl amine, diisopropylethyl amine and the like, metal carbonates such as K2CO3, Na2C03. Examples of acids include organic acids such as AcOH, C2H5COOH, butyric acid, trifluoroacetic acid, p-toluenesulfonic acid, benzenesulfonic acid and the like, mineral acids such as HCl, HBr etc. The duration of the reaction may range from 0.25 to 48 hours, preferably from 0.50 to 18 hours. This process is preferably used for the preparation of a compound of formula (I) wherein R1 and R2 together represent a cyclic structure defined earlier. The compound of general formula (I) where R7 represents hydrogen atom may be prepared by hydrolysing using conventional methods, a compound of formula (I) where R represents all groups defined earlier except hydrogen. The hydrolysis may be carried out in the presence of a base such as NaaCOa and a suitable solvent such as methanol, ethanol and the like or mixtures thereof. The reaction may be carried out at a temperature in the range of 20-40 °C, preferably at 25-30 °C. The reaction time may range from 2 to 12 h, preferably from 4 to 8 h. The compound of general formula (I) where Y represents oxygen and R7 is as defined earlier may be converted to compound of formula (I), where Y represents NR8 by reaction with appropriate amines. Suitably the compound of formula (I) where YR7 represents OH may be converted to acid halide, preferably YR7 = CI, by reacting with appropriate reagents such as oxalyl chloride, thionyl chloride and the like, followed by treatment with amines; Alternatively, mixed anhydrides may beL prepared from compound of formula (I) where YR7 represents OH and all other symbols are as defined earlier by treating with acid halides such acetyl chloride, acetyl bromide, pivaloyl chloride, dichlorobenzoyl chloride and the like. The reaction may be carried out in the presence of suitable base such as pyridine, triethylamine, diisopropyl ethyl amine and the like. Solvents such as halogenated hydrocarbons like CHCI3, CH2CI2, hydrocarbons such as benzene, toluene, xylene and the like may be used. The reaction may be carried out at a temperature in the range of-40 °C to 40 °C, preferably 0 °C to 20 °C. The acid halide or mixed anhydride thus prepared may further be treated with appropriate amines. In another embodiment of the present invention there is provided the novel intermediates of formula (IVO where X represents O or S ; the groups R1, R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxy alkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5^ represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 foiTns a bond together with R4; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups and a process for its preparation and its use in the preparation of P-aryl-a-oxysubstituted alkylcarboxylic acids is provided (Scheme-Ill). The reaction of a compound of formula (Ilia) where all symbols are as defined earlier with a compound of formula (IVh) where R6 is as defined earlier excluding hydrogen and Hal represent a halogen atom such as CI, Br, I to produce a compound of formula (IVi) where all symbols are defined earlier and R6 is as defined earlier excluding hydrogen may be carried out under conventional conditions in the presence of a base. The base is not critical. Any base normally employed for Wittig reaction may be employed, metal hydride such as NaH, KH, metal alkoxides such as NaOMe, KBuO", NaOEt, metal amides such as LiNH2, LiN(iPr)2. Aprotic solvent such as THF, DMSO, dioxane, DME and the like may be used. Mixture of solvents may be used. HMPA may be used as cosolvent. Inert atmosphere may be employed such as argon and the reaction is more effective under anhydrous conditions. Temperature in the range of-80 °C to 100 °C may be used. The compound of formula (IVi) where all symbols are as defined earlier and R6 is as defined earlier excluding hydrogen may be converted to a compound of formula (IVj) where R4 and R5 represent H atoms, R6 is as defined earlier excluding hydrogen and all other symbols are as defined earlier, by treating with an alcohol under anhydrous conditions in the presence of a strong anhydrous acid such as p-toluenesulfonic acid. The compound of formula (IVj) defined above upon treatment with trialkylsilyl cyanide such as trimethylsilyl cyanide produces a compound of formula (IVf) where R4 and R5 represent H atoms, R6 is as defined earlier excluding hydrogen and all other symbols are as defined earlier. In still another embodiment of the present invention there is provided the novjl intermediates of formula (IVg) where X represents O or S ; the groups R^, R-^ and group R-^ when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aialkyl, aralkoxy, hetcrocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 ~ 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl; R3 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and a process for its preparation and its use in the preparation of p-aryl-a-oxysubstituted alkylcarboxylic acids is provided. The compound of formula (IVg) where all other symbols are as deilned earlier may be prepared by reacting a compound of formula (IVk) where R5 is hydrogen atom and all other symbols are as defined earlier, with an appropriate diazotizing agent. The diazotization reaction may be under conventional conditions. A suitable diazotizing agent is an alkyl nitrile, such as iso-amyl nitrile. The reaction may be earned out in presence of solvents such as THF, dioxane, ether, benzene and the like or a combination thereof. Temperature in the range of-50 °C to 80 may be used. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as Na, Ar or He. The duration of the reaction may range from 1 to 24 h, preferably, 1 to 12 h. The compound of formula (IVk) may also be prepared by a reaction between (Illh) where all symbols are as defined earlier and a compound of fonnula (IVl) where R5 is hydrogen atom and all other symbols are as defined earlier. The reaction of compound of formula (Illh) where all symbols are as defined earlier and a compound of formula (IVl) where all symbols are as defined earlier may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like or mixtures thereof. The reaction may be carried out in an inert atmosphere which is maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as K2CO3, Na2C03 or NaH or mixtures thereof. Acetone may be used as a solvent when K2CO3 or Na2C03 is used as a base. The reaction temperature may range from 20 °C - 120 °C, preferably at a temperature in the range of 30 °C - 80 °C. The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. In yet another embodiment of the present invention there is provided the novel intermediates of formula (Illm) where X represents 0 or S ; the groups R1 R2 may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amuio, acylamino, alkylaming, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, atyloxycarbbnylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 fornis a bond together with R4; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, acylamino, alkylamino, arylamino groups; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and and a process for its preparation and its use in the preparation of p-aryl-a-oxysubstituted alkylcarboxylic acids is provided. The compound of formula (Illm) where all symbols are as defined above may be prepared by reacting a compound of formula (IVm) The reaction of compound of formula (IVm) where all symbols are as defined earlier with a compound of formula (IVo) where R1, R2 and X are as defined earlier to produce a compound of formula (Illm) defined earlier may be carried out neat or in the presence of solvents such as xylene, toluene, dioxane, THF, DMF, DMSO, DME and the like or their mixtures. The reaction may be carried out in an inert atmosphere which is maintained by using inert gases such as N2, Ar or He. The reaction temperature may range from 0 °C - 150 °C, preferably at a temperature in the range of 0 °C -120 °C. The duration of the reaction may range from 0,5 to 12 hours, preferably from 0.5 to 6 hours. In still another embodiment of the present invention there is provided the novel intermediates of formula (IVm) where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lowcr alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5 R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups. The compound of general formula (IVm) where all symbols are as defined earlier may be prepared from a compound of formula (Illd) where all symbols are as defined earlier by Gabriel synthesis. The reaction of phthalimide with the compound of formula (Hid) may be carried out neat or in presence of solvents such as ethanol, methanol, xylene, toluene, DMF, DME, dioxane and the like or mixtures thereof. The reaction may be carried out in presence of a base such as alkali metal carbonates like, K2CO3, Na2C03 or alkali metal hydroxides like NaOH, KOH and the like or mixtures thereof The reaction may be carried out in an inert atmosphere which is maintained by using inert gases such as N2, Ar or He. The reaction temperature may range from 0 °C - 250 °C, preferably at a temperature in the range of 15 °C - 200 °C. The duration of the reaction may range from 0.1 to 48 hours, preferably from 1 to 12 hours. The hydrolysis of this intermediate may be carried under acidic conditions or using hydrazine. Alternatively, the compound of general formula (IVm) where R4 and R5 represent hydrogen atom and all other symbols are as defined earlier may be prepared by reducing a compound of formula (IVn) where R4 and R5 together represent a bond and all other symbols are as defined earlier. The reduction may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, Pt/C, and the like. Mixtures of catalysts may be used. The reaction may also be conducted in the presence of solvents such as dioxane, acetic acid, ethyl acetate,alcohol such as methanol,ethanol and the like.. A pressure b,etween atmospheric pressure and 80 psi may be employed. The catalyst may be preferably 5-10 %, Pd/C and the amount of catalyst used may range from 5-100 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in alcohol or sodium amalgam in alcohol, preferably methanol. In still another embodiment of the present invention there is provided the novel intermediates of formula (IVn) where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups. The compound of formula (IVn) riiay be prepared by treating a compound of general foimula (Hid) where all symbols are as defined earlier with appropriate azides such as alkali metal azides like sodium azide trialkylsilyl azide under conventional conditions. The reaction may be carried out neat or in the presence of solvents such as DMF, acetone, and the like or their mixtures. The reaction temperature may range from 0 T to 150 °C, preferably at a temperature in the range of 25 °C to 100 °C. The duration of the reaction may be range from 0.5 to 48 h, preferably from 1 to 12 h. Alternatively, the compound of general formula (IVn) where R4 and R5 represent a bond and all other symbols are as defined earlier may be prepared by reacting a compound of formula (Illb) where R6, R7 are as defined earlier excluding hydrogen and R9 represents (C1-C6)alkyl with a compound of formula (IVp) where all symbols are as defined earlier, to yield a compound of general formula (IVn) where all symbols are as defined above may be carried out neat in the presence of a base such as alkali metal hydrides like NaH, KH or organolithiums like CH3Li, BuLi and the like or alkoxides such as NaOMe, NaOEt, BuO" K+ or mixtures thereof The reaction may be carried out in the presence of solvents such as THF, dioxane, DMF, DMSO, DM£ and the like or mixtures thereof HMPA may bg used as cosolvent. The reaction temperature may range from -78 °C to 50 °C, preferably at a temperature in the range of -10 °C to 30 °c. The reaction is more effective under anhydrous conditions. The pharmaceutically acceptable salts are prepared by reacting the compound of formula (I) whereever applicable with 1 to 4 equivalents of a base such as sodium hydroxide, sodium methoxide, sodium hydride, potassium t-butoxide, calcium hydroxide, magnesium hydroxide and the like, in solvents like ether, THF, methanol, t-butanol, dioxane, isopropanol, ethanol etc. Mixture of solvents may be used. Organic bases like lysine, arginine, diethanolamine, choline, tromethamine, guanidine and their derivatives etc. may also be used. Alternatively, acid addition salts wherever applicable arc prepared by treatment with acids such as hydrochloric acid, hydrobromic acid, nitric acid, sulfuric acid, phosphoric acid, p-toluenesulphonic acid, methanesulfonic acid, acetic acid, citric acid, maleic acid salicylic acid, hydroxynaphthoic acid, ascorbic acid, palmitic acid, succinic acid, benzoic acid, benzenesulfonic acid, tartaric acid and the like in solvents like ethyl acetate, ether, alcohols, acetone, THF, dioxane etc. Mixture of solvents may also be used. The stereoisomers of the compounds forming part of this invention may be prepared by using reactants in their single enantiomeric form in the process wherever possible or by conducting the reaction in the presence of reagents or catalysts in their single enantiomer form or by resolving the mixture of stereoisomers by conventional methods. Some of the preferred methods include use of microbial resolution, resolving the diastereomeric salts formed with chiral acids such as mandelic acid, camphorsulfonic acid, tartaric acid, lactic acid, and the like wherever applicable or chiral bases such as brucine, cinchona alkaloids and their derivatives and the like. Commonly used methods are compiled by Jaques et al in "Enantiomers, Racemates and Resolution" (Wiley Interscience, 1981). More specifically the compound of formula (I) where YR8 represents OH may be converted to a 1:1 mixture of diastereomeric amides by treating with chiral amines, aminoacids, aminoalcohols derived from aminoacids; conventional reaction conditions may be employed to convert acid into an amide; the diastereomers may be separated either by fractional crystallization or chromatography and the stereoisomers of compound of formula (I) may be prepared by hydrolyzing the pure diastereomeric amide. Various polymorphs of compound of general formula (I) forming part of this invention may be prepared by crystallization of compound of formula (I) under different conditions. For example, using different solvents commonly used or their mixtures for crystallization; crystallizations at different temperatures; various modes of cooling, ranging from very fast to very slow cooling during crystallizations. Polymorphs may also be obtained by heating or melting the compound followed by gradual or fast cooling. The presence of polymorphs may be determined by solid probe NMR spectroscopy, IR spectroscopy, differential scanning calorimetry, poWder X-ray diffraction or such other techniques. The present invention also provides a pharmaceutical composition, containing the compounds of the general formula (I), as defined above, their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates in combination with the usual pharmaceutically employed carriers, diluents and the like, useful for the treatment and / or prophylaxis diseases such as hypertension, coronary heart disease, atherosclerosis, stroke, peripheral vascular diseases and related disorders. These compounds are useful for the treatment of familial hypercholesterolemia, hypertriglyceridemia, lowering of atherogenic lipoproteins, VLDL and LDL. The compounds of the present invention can be used for the treatment of certain renal diseases including glomerulonephritis, glomemlosclerosis, nephrotic syndrome, hypertensive nephrosclerosis, retinopathy, nephropathy. The compounds of general formula (I) are also useful for the treatment / prophylaxis of insulin resistance (type II diabetes), leptin resistance, impaired glucose tolerance, dyslipidemia, disorders related to syndrome X such as hypertension, obesity, insulin resistance, coronary heart disease, and other cardiovascular disorders. These compounds may also be useful as aldose reductase inhibitors, for improving cognitive functions in dementia, treating diabetic comphcations, disorders related to endothelial cell activation, psoriasis, polycystic ovarian syndrome (PCOS), inflammatory bowel diseases, osteoporosis, myotonic dystrophy, pancreatitis, arteriosclerosis, xanthoma and for the treatment of cancer. The compounds of the present inventions are useful in the treatment and / or prophylaxis of the above said diseases in combination / concomittant with one or more HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents such as fibric acid derivatives, nicotinic acid, cholestyramine, colestipol, probucol. The compounds of the present invention in combination with HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents can be administered together or within such a period to act synergistically. The HMG CoA reductase inhibitors may be selected from those used for the treatment or prevention of hyperlipidemia such as lovastatin, provastatin, simvastatin, fluvastatin, atorvastatin, cerivastatin and their analogs thereof. Suitable fibric acid derivative may be gemfibrozil, clofibrate, fenofibrate, ciprofibrate, benzafibrate and their analogs thereof. The pharmaceutical composition may be in the forms normally employed, such as tablets, capsules, powders, syrups, solutions, suspensions and the like, may contain flavourants, sweeteners etc. in suitable solid or liquid carriers or diluents, or in suitable sterile media to form injectable solutions or suspensions. Such compositions typically contain from 1 to 20 %, preferably 1 to 10 % by weight of active compound, the remainder of the composition being pharmaceutically acceptable carriers, diluents or solvents. Hz, IH), 3.85 (t, J = 5.35 Hz, 2H), 3.74 (s, 3H), 3.44 - 3.61 (m, 2H), 3.08 (dd, J - 3.88 and 14.12 Hz, IH), 2.87 (dd, J == 6.78 and 14.12 Hz, IH), 1.17 (t, J - 7.01 Hz, 3H). Example 5 (+)-2-Ethoxy-3-[4-[[3-methyl"4-oxo-3,4-dihydro-2-quinazoIinyIJmethoxy]pIiciiyI] propanoic acid : A solution of [2R, N(1S)] 2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl] methoxy] phenyl]-N-[2-hydroxy-l-phenylethyl]propanamide (8.25 g, 16.50 mmol) obtained in example 4a in a mixture of IM sulphuric acid (212 mL) and dioxane/water (1 : 1, 1.7 L) was heated at 100 °C for 16 h. The reaction mixture was cooled to ca 25 °C and dioxane was removed under reduced pressure. The remaining solution was cooled in an ice bath and the white solid precipitated was filtered and dried to afford the title compound (3.6 g, 58 %). mp : 170 °C. [a]D25 = 21.2 (c = 0.5, MeOH). ^H NMR (CDCI3): 6 8.29 (d, J = 7.88 Hz, IH), 7.81 - 7.68 (m, 2H), 7.51 (t, J = 6.27 Hz, IH), 7.19 (d, J = 8.62 Hz, 2H), 6.94 (d, J = 8.62 Hz, 2H), 5.16 (s, 2H), 4.04 (dd, J = 4.52 and 7.33 Hz, IH), 3.70 (s, 3H), 3. 70 - 3.51 (m, IH), 3.34 - 3.51 (m, IH), 2.90 - 3.14 (m, 2H), 1.16 (t, J = 6.92 Hz, 3H). Example 6 (-)-2-Ethoxy-3-(4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazoIinylJmethoxy]phenylJpropanoic acid • • The title compound (3.0 g, 87 %) was obtained from [2S, N(1S)] 2-ethoxy-3-[4-[[3-methyl-4-oxo- 3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-[2-hydroxy-l-phenylethyl]propanamide (4.5 g, 8.9 mmol) obtained in example 4b, by a similar procedure to that described in example 5. mp : 133 - 135 °C. [aJD25 = - 20.84 (c = 1.0, MeOH). 'H NMR (CDCl+DMSO-dft) : 5 8.22 (d, J = 7.56 Hz, IH), 7.88 - 7.68 (m, 211), 7.54 (t, J = 7.54 Hz, IH), 7.20 (d, J = 8.62 Hz, 2H), 7.00 (d, J = 8.62 Hz, 2H), 5.24 (s, 2H), 3.93 (dd, J = 7.56 and 4.89 Hz, IH), 3.71 (s, 3H), 3.70 - 3.50 (m, IH), 3.42 - 3,22 (m, IH), 3.05 - 2.78 (m. 2H), 1.12 (t, J -7.06 Hz, 3H). Example 7 (-)-Sodiuin2-ethoxy-3-I4-[[3-inethyl-4-oxo-3,4-dihydro-2-quinazolinyl]metlioxy] phenyl]propanoate: The title compound (1.9 g, 85.5 %) was obtained from (-)-2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4- dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid (2.1 g, 5.49 mmol) obtained in example 6 and 10 % sodium methoxide solution (1.39 mL) by a similar procedure to that described in example 3. m.p. : 190 °C. [a]D25 = -29.2 (c -,0.75 , MeOH). *H NMR (DMS0-d6) : 6 8.15 (d, J = 7.89 Hz, IH), 7.83 (t, J = 7.47 Hz, IH), 7.68 (d, J = 7.89 Hz, IH), 7.56 (t, J = 7.31 Hz, IH), 7.15 (d, J - 8.53 Hz, 2H), 6.96 (d, J = 8.63 Hz, 211), 5.22 (s, 2H), 3.61 (s, 3H), 3.42 - 3.58 (m, 2H), 3.01 - 3.19 (m, IH), 2,84 (dd, J = 3.64 and 14.12 Hz, IH), 2.61 (dd, J = 9.04 and 14.12 Hz, IH), 0.96 (t, J = 7.01 Hz, 3H). Example 8 (±)-(MorphoIine-4-yl)2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxyl phenyljpropanamide: To a stirred solution of (±)-2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl] methoxy]phenyl]propanoic acid (0.2 g, 0.52 mmol) obtained in example 2 in dichloromethane (2 mL) was added triethylamine (182 uL, 0.13 g, 1.3 mmol) dropwise at 0 °'C. After stirring for 5 min was added pivaloyl chloride (78 uL, 69 mg, 0.57 mmol) and stirring continued for further 30 min at 0 °C. To this reaction mixture was added a solution of morpholine (45 mL, 46 mg, 0.52 mmol) in dichloromethane containing triethylamine (145 )uL, 1.0 mmol) at 25 C and stirred for 1 h at 25 - 30 °C. To the reaction mixture chloroform (10 mL) was added and washed with water (2 X 10 mL), brine, dried over anhydrous Na2S04 and concentrated. The crude compound was purified by column chromatography using ethyl acetate and pet. ether (1 : 1) as eluent to afford the title compound (184 mg,78%).mp: 115 °C. *H NMR (CDCI3): 5 8.26 (d, J = 7.57 Hz, IH), 7.80 - 7.65 (m, 2H), 7.51 (t, J = 4.05 Hz, IH), 7.15 (d, J = 8.58 Hz, 2H), 6.95 (d, J = 8.58 Hz, 2H), 5.14 (s, 2H), 4.24 (t, J = 6.75 Hz, IH), 3.71 (s, 3H), 3.61-3.31 (m, 10 H), 2.95 (d, J = 6.75 Hz, 2H), 1.13 (t, J = 7.01 Hz, 3H). Example 9 (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2*quinazolinyl]methoxylphenyl]-N-(2-fluorophenyl)propanamide : The title compound (110 mg, 44 %) was obtained from (±)-2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid (200 mg, 0.52 mmol) obtained in example 2 and 2-fluoroaniline (50 )aL, 58 mg, 0.52 mmol) by a similar procedure to that described in example 8. mp : 138 - 140 °C. 'H NMR (CDCI3) : 5 8.33 (t, J = 7.42 Hz, 2H), 7.83 - 7.69 (m, 2H), 7.52 (t, J = 6.43 Hz, IH), 7.29 -6.92 (m, 7H), 5.16 (s, 2H), 4.02 (dd, J = 7.89 and 3.4 Hz, IH), 3.74 (s, 3H), 3.65 - 3.40 (m, 2H), 3.18 I (dd, J = 14.11 and 3.41 Hz, IH), 2.94 (dd, J = 14.11 and 7.89 Hz, IH), 1.20 (t, J - 7.01 Hz, 3H), Example 10 (±)-Ethyl 2-hydroxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]niethoxy]phenyl] propanoate: i The title compound (6.5 g, 71 %) was obtained from (±)-ethyl 2-hydroxy-3-(4"hydroxyphenyl) propanoate (5.0 g, 23.8 mmol) (DE 26 625 163), 2-chloromethyl-3-methyl-4-oxo-3,4-dihydro-quinazoline (5.0 g, 23.8 mmol) and potassium carbonate (6.57 g, 47.6 mmol) as a base by a similar procedure to that described in example 1. mp : 112 - 118 °C, 1H NMR (CDCI3): 6 8.30 (d, J = 7.47 Hz,lH), 7.77 - 7.72 (m, 2H), 7.53 (t, J = 3.51 Hz, IH), 7.18 (d, J = 8.57 Hz, 2H), 6.98 (d, J - 8.57 Hz, 2H), 5.16 (s, 2H), 4.41 (m, IH), 4.23 (q, J - 7.10 Hz, 2H), 3.73 (s, 3H), 2.93 - 3.05 (m, 2H), 1.27 (t, J = 7.10 Hz, 3H). Example 11 (±)-2-Hydroxy-3-[4-[[3-methyl-4-oXo-3,4-clihydro-2-quinazolinyl]inethoxy]phenyI] propanoic acid: The title compound (0.5 g, 70.7 %) was obtained from (±)-ethyl 2-hydroxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (764 mg, 2,0 mmol) obtained in example 10 and sodium carbonate (1.06 g, 10.0 mmol) by a similar procedure to that described in example 2. mp: 184- 188 °C. 1H NMR (CDCI3+DMSO) : 6 8.29 (d, J = 7.89 Hz, IH), 7.77 - 7.73 (m, 2H), 7.53 (t, J = 4.06 Hz, IH), 7.23 (d, J = 8.39 Hz, 2H), 6.98 (d, J - 8.39 Hz, 2H), 5.15 (s, 2H), 4.37 (dd, J = 6.99 Hz and 4.08 Hz, IH), 3.73 (s, 3H), 3.05 (dd, J = 14.03 Hz, 4.0 Hz, IH), 2.90 (dd, J = 14.03 Hz, and 6.99 Hz, IH). Example 12 (±)-Ethyl2-methoxy-3-[4-[[3-methyM-oxo-3,4-dihydro-2-quinazolinyl]methoxylphenyI] propanoate: To a stirred suspension of sodium hydride (270 mg, 10.46 mmol, 95 %) in dry DMF (2 mL) was added a solution of (±)-ethyl 2-hydroxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyl]propanoate (2.0 g, 5.23 mmol) obtained in example 10 at 0 °C and stirred for 30 min. To the reaction mixture was added methyl iodide (1.62 mL, 26.15 mmol) at the same temperature and stirring continued for further Ih. After completion of the reaction, diluted with ethyl acetate (150 mL), washed with brine (3 x 100 mL), dried over anhydrous Na2S04 and concentrated. The crude compound was purified by column chromatography using ethyl acetate and pet. Ether (1 : 9) as eluent to afford the title compound as a liquid (480 mg, 23 %). 1H NMR (CDCI3) : 6 8.28 (d, J = 8.89 Hz, IH), 7.70 - 7.68 (m, 2H), 7.53 (t, J = 4.06 Hz, IH), 7.19 (d, J = 8.40 Hz, 2H), 6.97 (d, J = 8.63 Hz, 2H), 5.15 (s, 2H), 4.18 (q, J = 7.10 Hz, 2H), 3.98 (dd, J = 4.56 and 7.06 Hz, IH), 3.73 (s, 3H), 3.39 (s, 3H), 3.12 - 2,99 (m, 2H), 1.25 (t, J = 7.10 Hz, 3H). Example 13 (±)-2-Methoxy-3-[4-[[3-methyl-4-dxo-3,4-dihydro-2-quinazoIinyl]methoxyJphenyl] propanoic acid: The title compound (355 mg, 80 %) was obtained from (±)-ethyl 2-methoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (480 mg, 1.21 mmol) obtained in example 12 and sodium carbonate (640 mg, 6.06 mmol) by a similar procedure to that described in example 2. mp: 99-lore. 1H NMR (CDCI3): 5 8.29 (d, J = 7.89 Hz, 2H), 7.82 - 7.68 (m, 2H), 7.55 (t, J - 7.89 Hz, IH), 7.19 (d, J = 8.62 Hz, 2H), 6.97 (d, J = 8.62 Hz, 2H), 5.15 (s, 2H), 3.98 (dd, J = 7.06 and 4.56 Hz, IH), 3.74 (s, 3H), 3.39 (s, 3H), 3.18 - 2.82 (m, 2H). Example 14 (±)-Ethyl2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxyl phenyl]propanoate : The title compound (1.23 g, 55 %) was obtained as a liquid from (±)-ethyl 2-hydroxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (2.0 g, 5.23 mmol) obtained in example 10, propylbromide (2.5 ml, 23.17 mmol) and sodium hydride (270 mg, 10.46 mmol) as a base by a similar procedure to that described in example 12. 1H NMR (CDCI3) : 6 8.29 (d, J = 8.12 Hz, IH), 7.80 - 7.65 (m, 2H), 7.50 (t, J - 7.50 Hz, IH), 7.18 (d, J = 8.40 Hz, 2H), 6.96 (d, J = 8.30 Hz, 2H), 5.15 (s, 2H), 4.16 (q, J = 7.35 Hz, 2H), 3.95 (t, J = 6.32 Hz, IH), 3.74 (s, 3H), 3.53 - 3.49 (m, IH), 3.22 - 3.18 (m, IH), 2.96 (d, J = 6.32 Hz, 2H), 1.70 -1.40 (m, 2H), 1.20 (t, J = 7.25 Hz, 3H), 0.82 (t, J = 7.35 Hz, 3H). Example 15 (±)-2-Propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyllmethoxy]phenyl]propanoic acid: The title compound (310 mg, 81 %) was obtained from (±)-ethyl 2-propoxy-3-[4-[[3-methyl-4-oxo- 3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (410 mg, 0.97 mmol) obtained in example 14 and sodium carbonate (512 mg, 4.83 mmol) by a similar procedure to that described in example 2. mp: 167-168 °C. 'H NMR (CDCI3) : 6 8.29 (d, J - 7.88 Hz, IH), 7.82 - 7.63 (m, 2H), 7.53 (t, J - 7.88 Hz, IH), 7.19 (d, J - 8.62 Hz, 2H), 6.97 (d, J = 8.62 Hz, 2H), 5.16 (s, 2H), 4.05 (dd, J = 7.28 and 4.25 Hz, IH), 3.74 (s, 3H), 3.60 - 3.40 (m, IH), 3.40 - 3.25 (m, IH), 3.20 - 2.90 (m, 2H), 1.56 (s, J = 7.05 Hz, 2H), 0.85 (t, J = 7.43 Hz, 3H). Example 16 [2S, N(1S)] 2-propoxy-3-[4-[[3-methyM-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]"N-(2- hydroxy-l-phenylethyl)propanainide (16a): (2R, N(1S)1 2-Propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2-hydroxy-l-phenylethyI)propanamide (16b): The tide compounds [2S, N(1S)] propanamide (16a) and [2R, N(1S)] propanamide (16b) were obtained from (±)-2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoic acid (30 mg, 0.075 mmol) obtained in example 15, triethylamine (47 |j.L, 0.33 mmol), pivaloyl chloride (11 ^iL, 0.083 mmol) and S-(+)-2-phenyl glycinol (10 mg, 0.075 mmol) by a similar procedure to that described in example 4. Spectral data for (16a): 1HNMR(CDCl3) : 5 8.31 (d, J = 8.31 Hz, IH), 7.69 - 7.82 (m, 2H), 7.50 - 7.60 (m, IH), 7.12 - 7.39 (m, 7H), 6.94 (d, J = 6.23 Hz, 2H), 5.19 (s,2H), 4.89 - 5.01 (m, IH), 3.98 (dd, J - 3.73 and 5.90 Hz, 4 The title compound (900 mg, 95 %) was obtained as a liquid from (±)-ethyl 2-phenoxy-3-(4-hydroxyphenyl)propanoatc (660 mg, 2.3 mmol) obtained in preparation 5 , 2-chlor 'H NMR (CDCI3) : 5 8.29 (d, J = 7.89 Hz, IH), 7.65 - 7.80 (m, 2H), 7.50 (t, J = 7.10 Hz, IH), 7.15 -7.32 (m, 5H), 6.92 - 7.05 (m, 2H), 6.84 (d, J = 7.98 Hz, 2H), 5.16 (s, 2H), 4.75 (t, J = 6.39 Hz, IH), 4.16 (q, J = 6.36 Hz, 2H), 3.72 (s, 3H), 3.20 (d, J = 6.64 Hz, 2H), 1.17 (t, J = 7.15 Hz, 3H). Example 24 (±)-2-Phenoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxylphenyl] propanoic acid : The title compound (0.45 g, 53 %) was obtained from (±)-ethyl 2-phenoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazoIinyl]methoxy]phenyl]propanoate (900 mg, 1.96 mmol) obtained in example 23 and sodium carbonate (1.04 g, 9.82 mmol) by a similar procedure to that described in example 2. mp: 156-158 °C. 1H NMR (CDCI3): 6 8.31 (d, J = 7.89 Hz, IH), 7.85 - 7.65 (m, 2H), 7.52 (t, J = 6.39 Hz, IH), 7.35 -7.21 (m, 5H), 7.02 - 6.96 (m, 2H), 6.87 (d, J = 7.93 Hz, 2H), 5.15 (s, 2H), 4.85 (t, J = 6.02 Hz,- IH), 3.73 (s, 3H), 3.26 (d, J = 6.14 Hz, 2H). Example 25 (±)-Ethyl2-(2-methoxyethoxy)-3-I4-I13-methyI-4"Oxo-3,4-dihydro-2-quinazolinyl]methoxyI phenyl]propanoate: The title compound (560 mg, 83 %) was obtained from (±)-ethyl 2-(2-melhoxyethoxy)-3-(4-hydroxyphenyl)propahoate (410 mg, 1.529 mmol), 2-chloromethyl-3-methyl-4-oxo-3,4- / dihydroquinazoline (640 mg, 3.058 mmol) and potassium carbonate (634 mg, 4.58 mmol) as a base by a similar procedure to that described in example 1. 'H NMR (CDCI3) : 5 8.31 (d, J - 7.45 Hz, IH), 7.84 - 7.68 (m, 2H), 7.51 (t, J - 6.41 Hz, IH), 7.20 (d, J = 8.61 Hz, 2H), 6.98 (d, J = 8.61 Hz, 2H), 5.18 (s, 2H), 4.21 - 4.02 (m, 4H), 3.76 (s, 3H), 3.75 - 3.66 (m, IH), 3.65 - 3.40 (m, 3H), 3.31 (s, 3H), 3.01 - 2.96 (m, IH), 1.22 (t, J = 7.15 Hz, 3H). Example 26 (±)-2-(2-Mcthoxyethoxy)-3-I4-I13-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]nietoxi phcnyl]propanoic acid : The title compound (270 mg, 51 %) was obtained from (±)-ethyl 2-(2-methoxyeth6xy)-3-[4-[[3-methyl-4-oxo-3,4-dihydrO"2-quinazolinyl]methoxy]phenyl]propanoate (560 mg, 1.27 mmol) obtained in example 25 and sodium carbonate (675 mg, 6.36 mmol) by a similar procedure to that described in example 2. mp : 146 - 148 °C. 'H NMR (CDCI3) : 6 8.30 (d, J - 7.47 Hz, IH), 7.82 - 7.69 (m, 2H), 7.52 (t, J = 6.41 Hz, IH), 7.21 (d, J - 8,63 Hz, 2H), 6.99 (d, J = 8.63 Hz, 2H), 5.17 (s, 2H), 4.06 (dd, J = 3.46 and 8.76 Hz, IH), 3.75 (s, 3H), 3.71 - 3.42 (m, 4H), 3.40 (s, 3H), 3.19 (dd, J - 3.46 and 14.16 Hz, IH), 2.91 (dd, J = 8.75 and 14.16 Hz, IH). Example 27 (±)-EthyI2.ethoxy-3-(4-(2-[2-ethyM-oxo-3,4-dihydro-3-quinazolinyl]ethoxylphenyl] propanoate : Method A: To a stirred solution of 2-ethyl-4-oxo-3,4-dihydroquinazoline (200 mg, 1.15 mmol) in DMF (3 mL) was added potassium carbonate (317 mg, 2.30 mmol) and stirred for 30 min. To this reaction mixture was added a solution of (±) ethyl 2-ethoxy-3-[4-(2-bromoethoxy)phenyl]propanoa(c (475 mg, 1.38 mmol) (disclosed in US patent application 09/012,585) in DMF (2 mL) and stined for 24 h at 30 °C. The reaction mixture was diluted with water and extracted with ethyl acetate (3x10 mL). The combined organic extracts were washed with brine, dried over anhydrous Na2S04 and concentrated to yield the tide compound (260 mg, 51 %). Method B : To a stirred suspension of sodium hydride (1.15 g, 28.7 mmol, 60 %) in dry DMF (60 mL) was added 2-ethyl-4-oxo-3,4-dihydroquinazoline (5.0 g, 28.7 mmol) at 0 °C and stirred for 0.5 h at the same temperature. To the reaction mixture was added lithium bromide (5.0 g, 57.47 mmol) in one portion and stirring continued for further 0.5 h at 0 °C. A solution of (±) ethyl 2-ethoxy-3-[4-(2-bromoethoxy)phenyl]propanoate (14.87 g, 43.1 mmol), in dry DMF (20 mL) was added and stirred for 5 h at 30 °C. The reaction mixture was diluted with water and extracted with ethyl acetate (3 X 10 mL). The combined organic layers were washed with brine, dried over anhydrous Na2S04 and concentrated to yield the title compound (6.1 g, 48 %). Method C : To a stirred solution of (±) ethyl 2-ethoxy-3-[4-[2-[N-(2-aminobenzoyl)aminoethoxy]phenyl] propanoate (15 g, 37.5 mmol) obtained in preparation 6, in a mixture of xylene (50 mL) and propionic acid (50 mL) was added triethylamine (10.4 mL, 7.5 g, 75 mmol) followed by addition of propanoyl chloride (3.6 mL, 3.8 g, 41 mmol) at ca 30 °C and stirred for 2 h. The reaction mixture was immersed in pre-heated oil bath at 160 °C and stirred for 24 h. at the same temperature. Water was added to the reaction mixture and extracted with ethyl acetate (3 X 100 mL). The organic extracts were washed with brine, dried over anhydrous Na2S04 and concentrated. The crude compound was crystallised from diisopropyl ether to yield the title compound (11.8 g, 72 %). mp : 86 - 88 °C. 1H NMR (CDCI3): 6 8.25 (d, J = 7.89 Hz, IH), 7.80 - 7.60 (m, 2H), 7.43 (t, J - 7.89 Hz, IH), 7.12 (d, J = 8.62 Hz, 2H), 6.76 (d, J = 8.62 Hz, 2H), 4.54 (t, J = 5.07 Hz, 2H), 4.30 (t, J = 5.07 Hz, 2H),4.15 (q, J = 7.06 Hz, 2H), 3.92 (t, J = 6.4 Hz, IH), 3.68 - 3.48 (m, IH), 3.40 - 3.20 (m, IH), 3.11 (q, J = 7.38 Hz, 2H), 2.91 (d, J = 6.64 Hz, 2H), 1.44 (t, J = 3.8 Hz, 3H), 1.21 (I, J = 7.06 Hz, 3H), 1.14(t,J = 7.38Hz,;3H). Example 28 (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxylphenyl|propanoicacid : The title compound (72 mg, 70 %) was obtained from (i)-ethyl 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate (110 mg, 0.25 mmol) obtained in example 27 and sodium carbonate (133 mg, 1.25 mmol) by a similar procedure to that described in example 2. mp 140-141 °C. 'H NMR (DMSO-dfi) : 6 8.13 (d, J = 7.89 Hz, IH), 7.82 (t, J = 7.01 Hz, IH), 7.64 (d, J = 8.21 Hz, IH), 7.50 (t, J = 7.26 Hz, IH), 7.13 (d, J = 8.50 Hz, 2H), 6.84 (d, J = 8.50 Hz, 211), 4.47 (t, J = 5.19 Hz, 2H), 4.26 (t, J = 5.19 Hz, 2H), 3.99 - 3.84 (m, IH), 3.60 - 3.40 (m, IH), 3.40 - 3.20 (m, IH), 3.06 (q, J = 6.96 Hz, 2H), 2.88 (q, J = 6.64 Hz, 2H), 1.32 (t, J = 7.17 Hz, 3H), 1.02 (t, J = 6.96 Hz, 311). Example 29 I2R, N(1S)] 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazoIinyl]ethoxy]-N-(2-hydroxy- l-phenyIethyl)propanamide (29a): |2S, N(1S)] 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]etlioxy]phenyl]-N-(2-hydroxy-l-phenylethyl)propanamide (29b): The title compounds [2R, N(1S)] propanamide (29a> and [2S, N(lS)]propanamide (29b) were obtained from(±)-2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]cllioxy]phenyl] propanoic acid (187 mg, 0.45 mmol) obtained in example 28, triethylamine (288 [iL, 2.05 mmol), pivaloyl chloride (61 |j,L, 0.5 mmol) and S-(+)-2-phenylglycinol (62 mg, 0.45 mmol) by a similar procedure to that described in example 4. Spectral data for (29a): mp : 128-130'C; [ajo" = + 46.1 (c = 1.0, MeOH). 'H NMR (CDCI3) : 6 8.26 (d, J = 7.89 Hz, IH), 7.80 - 7.68 (m, 2H), 7.46 (t, J = 7.24 Hz, IH), 7.38 -6.96 (m, 7H), 6.79 (d, J = 8.49 Hz, 2H), 5.01 - 4.90 (m, IH), 4.56 (t, J = 4.98 Hz, 2H), 4.34 (t, J = 4.98 Hz, 2H), 3.95 (dd, J = 3.80 and 6.66 Hz, IH), 3.68 (d, J = 5.40 Hz, 2H), 3.48 (q, J = 6.95 Hz, 2H), 3.21-3.10 (m,2H), 3.10-2.84 (m, 2H), 1.46 (t, J = 7.31 Hz, 3H), 1.13 (t, J = 7.05 Hz, 3H). Spectral data for (29b): mp : ISe-lSST; [a]^^^ = + 4.1 (c = 1.0, MeOH). 'H NMR (CDCI3) : 5 8.28 (d, J = 7.89 Hz, IH), 7.81 - 7.68 (m, 2H), 7.46 (t, J = 7.24 Hz, IH), 7.26 -7.00 (m, 7H), 6.70 (d, J = 8.49 Hz, 2H), 5.02 - 4.91 (m, IH), 4.57 (t, J = 5.14 Hz, 2H), 4.30 (t, J = 5.14 Hz, 2H), 3.98 (dd, J = 3.80 and 6.66 Hz, IH), 3.85 (d, J = 4.25 Hz, 2H), 3.60 - 3.45 (m, 2H), 3.16 (q, J = 7.19 Hz, 2H), 3.10 - 2.80 (m, 2H), 1.47 (t, J = 7.36 Hz, 3H), 1.17 (t, J = 7.01 Hz, 3H). Example 30 (+)-2-Ethoxy-3-(4-[2-[2-ethyl-4-oxo-3,4-diliydro-3-quinazolinyl]ethoxyJphenylJ propanoic acid: The title compound (83 mg, 71 %) was obtained from [2R, N(1S)] 2-ethoxy-3-[4. 3,4-dihydro-3-quinazolinyl]clhoxy]phcnyl]-N-(2-hydroxy-l-phcnylethyl)propanainidc (150 mg, 0.283 mmol) obtained in example 29a by a similar procedure to that described in example 6. mp : 120 - 122 °C. MD" = + 19.2 (C = 1.0, MeOH). 'H NMR (CDCI3) : 6 8.24 (d, J = 7.88 Hz, IH), 7.80 - 7.63 (m, 2H), 7.43 (t, J = 7.21 Hz, IH), 7.11 (d, J = 8.63 Hz, 2H), 6.77 (d, J = 8.63 Hz, 2H), 4.53 (t, J = 4.98 Hz, 2H), 4.30 (t, J = 4.98 Hz, 2H), 4.01 (dd, J = 4.47 and 7.38 Hz, IH), 3.69 - 3.34 (m, 2H), 3.19 - 2.85 (m, 4H), 1.42 (t, J = 7.42 Hz, 3H), 1.14(t,J = 6.94Hz, 3H). Example 31 (-)-2-Ethoxy-3-[4-[2-[2-ethyI-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl|propanoic acid : The title compound (170 mg, 82 %) was obtained from [2S, N(1S)] 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo- 3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2-hydroxy-l-phenylethyl)propanamide (267 mg, 0.504 mmol) obtained in example 29b by a similar procedure to that described in example 6. mp : 134-136 °C [a]D25 = -19.2 (c = 1.0, MeOH). 'H NIVIR (CDCI3) 5 8.24 (d, J = 7.89 Hz, IH), 7.79 - 7.61 (m, 2H), 7.43 (t, J = 7.66 Hz, IH), 7.11 (d, J = 8.63 Hz, 2H), 6.77 (d, J = 8.63 Hz, 2H), 4.53 (t, J = 4.98 Hz, 2H), 4.31 (t, J = 4.98 Hz, 2H), 4.02 (dd, J = 4.22 and 7.12 Hz, IH), 3.61 - 3.32 (m, 2H), 3.16 - 2.82 (m, 4H), 1.43 (t, J = 7.36 Hz, 3H), 1.15 (t, J = 6.96 Hz, 3H). Example 32 (+)-Ethyl2-ethoxy-3-[4-(2-[2-etliyl-4-oxo-3,4-dihydro-3-quinazolinyi]ethoxy]plienyl] propanoate : i (-)-Ethyl2-ethoxy-3-I4-[2-[2-niethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxylphenyll propanoate: The title compound (51 mg, 79 %) was obtained from (-)-2-ethoxy-3-[4-[2-[2-methyl-4-oxoO,4- dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid (60 mg, 0.15 mmol) obtained in example 38, ethyl bromide (33 mg, 0.30 mmol) and potassium carbonate (42 mg, 0.30 mmol) as a base by a similar procedure to that described in example 32. mp : 112 - 114 °C [a]D25 = 12.8 (c-0.50,MeOH). ^H NMR (CDCI3) : 6 8.27 (d, J = 7.89 Hz, IH), 7.80 - 7.61 (m, 2H), 7.46 (t, J - 7.42 Hz, HI), 7.15 (d, J = 8.10 Hz, 2H), 6.79 (d, J - 8.63 Hz, 2H), 4.54 (t, J = 4.89 Hz, 2H), 4.34 (t, J- 4.82 Hz, 2H), 4.17 (q, J = 7.09 Hz, 2H), 3.94 (t, J - 6.64 Hz, IH), 3,69 - 3.51 (m, IH), 3.40 ^ 3.23 (m, IH), 2.94 (d, J - 6.31 Hz, 2H), 2.84 (s, 3H), 1.32 - 1.11 (m, 6H). Example 41 (±)-Ethyl 2-ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyI]ethoxy]phenyl]propanoate : The title compound (525 mg, 62 %) was obtained from 4-oxo-3,4-dihydroquinazoline (300 mg, 2.05 mmol), potassium carbonate (0.567 g, 4.1 mmol) and ethyl 2-ethoxy-3-[4-(2-bromoethoxy)phenyl]propanoate (0.851 g, 2.46 mmol) (disclosed in US patent application 09/012,585), by a similar procedure to that described in example 27. mp : 90 - 92 °C. 1H NMR (CDCI3): 5 8.30 (d, J = 8.3 Hz, IH), 8.21 (s, IH), 7.81 - 7.71 (m, 2H), 7.50 (t, J = 6.22 Hz, IH), 7.12 (d, J = 8.39 Hz, 2H), 6.78 (d, J = 8.39 Hz, 2H), 4.40 (t, J = 4.77 Hz, 2H), 4.27 (t, J - 4.61 Hz, 2H), 4.14 (q, J = 7.11 Hz, 2H), 3.92 (t, J = 6.64 Hz, IH), 3.68 - 3.51 (m, IH), 3.40 - 3.22 (m, IH), 2.91 (d, J = 6.64 Hz, 2H), 1.29 - 1.10 (m, 6H). Example 42 (±)-2-Ethoxy-3-[4-(2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid : The title compound (125 mg, 67 %) was obtained from (i)-ethyl 2-ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate (0.2 g, 0.487 mmol) obtained in example 41 and sodium carbonate (0.258 g, 2.44 mmol) by a similar procedure to that described in example 2. mp : 160-162 °C. 'H NMR (CDCI3) : 6 8.42 (s, IH), 8.19 (d, J = 7.89 Hz, IH), 7.86 (t, J = 7.63 IIz, IH), 7.71 (d, J = 7.98 Hz, IH), 7.58 (t, J = 7.47 Hz, IH), 7.13 (d, J = 7.98 Hz, 2H), 6.86 (d, J = 7.98 Hz, 2H), 4.38 (d, J = 4.98 Hz, 2H), 4.28 (d, J = 4.66 Hz, 2H), 3.93 (t, J = 6.27 Hz, IH), 3.58 - 3.42 (m, 2H), 2.82 (d, J = 7.98 Hz, 2H), 1.03 (t, J = 7.05 Hz, 3H). Example 43 (±)-Etliyl 2-phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyIlethoxylphenyl] propanoate: The title compound (140 mg, 20 %) was obtained from (±)-2-ethyl-4-oxo-3,4-dihydroquinazoline (250 mg, 1.43 mmol), potassium carbonate (396 mg, 2.87 mmol) and ethyl 2-phenoxy-3-[4-(2-bromoethoxy)phenyl]propanoate (677 mg, 1.72 mmol) by a similar procedure to that described in example 27. mp : 142-144 °C. 'H NMR (CDCI3) : 8 8.20 (d, J 8.30 Hz, IH), 7.60 (t, J = 5.44 Hz, 2H), 7.45 (t, J = 6.73 Hz, IH), 7.28 - 7.12 (m, 4H), 6.90 (t, J = 6.25 Hz, IH), 6.81 - 6.71 (m, 4H), 4.70 (m, IH), 4.52 (t, J = 5.64 Hz, 2H), 4.26 (t, J = 5.19 Hz, 2H), 4.14 (q, J = 7.09 Hz, 2H), 3.18 - 3.00 (m, 4H), 1.42 (t, J = 7.36 Hz, 3H), 1.17 (t, J = 7.08 Hz, 3H). Example 44 (±)-2-Phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dlhydro-3-quinazolinyllethoxylphcnyl]propanoicacid: The title compound (80 mg, 0.17 mmol) was obtained from (±)-ethyl 2-phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate (150 mg, 0.308 mmol) obtained in example 43 and sodium carbonate (163 mg, 1.54 mmol) by a similar procedure to that described in example 2. mp : 174 - 176 °C. 'H NMR (DMSO-dfi) : 6 8.13 (d, J = 7.89 Hz, IH), 7.78 (t, J = 7.93 Hz, IH), 7.62 (d, J = 8.21 Hz, IH), 7.51 (t, J = 7.42 Hz, IH), 7.36 - 7.20 (m, 4H), 6.99 - 6.80 (m, 5H), 4.83 (m, IH), 4.47 (t, J -6.30 Hz, 2H), 4.27 (t, J = 5.08 Hz, 2H), 3.15 - 3.00 (m, 4H), 1.32 (t, J = 7.10 Hz, 3H). Example 45 J (±)-Ethyl2-phenoxy-3-[4-[2-[2.inethyl-4-oxo-3,4-dihydro-3-qulnazolinyI]ethoxy]phenylj propanoate : The title compound (950 mg, 42 %) was obtained from 2-methyl-4-oxo-3,4-dihydroquinazoline (760 mg, 4.77 mmol), ethyl 2-phenoxy-3-[4-(2-bromoethoxy)phenyl]propanoate (2250 mg, 5.72 mmol) and potassium carbonate (1.32 g, 9.55 mmol) as a base by a similar procedure to that described in example 27. mp : 98 - 100 °C. 1H NMR (CDCI3): 5 8.23 (d, J = 8.12 Hz, IH), 7.78 - 7.58 (m, 2H), 7.43 (t, J - 7.35 Hz, IH), 7.30 - 7.15 (m, 4H), 6.99 - 6.72 (m, 5H), 4.69 (t, J= 6.43 Hz, IH), 4.51 (t, J = 4.82 Hz, 2H), 4.30 (t, J = 4.82 Hz, 2H), 4.15 (q, J = 6.09 Hz, 2H), 3.14 (d, J = 6.64 Hz, 2H), 2.08 (s, 3H), 1.69 (t, J - 7.08 Hz, 3H). Example 46 (±)-2-Phenoxy-3-[4-I2-[2-methyI-4-oxo-3,4-dihydro-3-quinazolinyI]ethoxy]phenyl]propanoic acid : The title compound (90 mg, 64 %) was obtained from (±)-ethyl 2-phenoxy-3-[4-[2-[2-methyl-4-oxo- 3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate (150 mg, 0.3 mmol) obtained in example 45 and sodium carbonate (168 mg, 1.5 mmol) by a similar procedure to that described in example 2. mp :206-210°C. ^H NMR (CDCI3) : 5 8.22 (d, J = 7.89 Hz, IH), 7.72 (t, J = 6.89 Hz, IH), 7.60 (d, J - 7.89 Hz, IH), 7.43 (t, J = 7.36 Hz, IH), 7.27 - 7.11 (m, 4H), 6.94 - 6.71 (m, 5H), 4.67 (t, J = 6.29 Hz, IH), 4.51 (t, J - 4.9 Hz, 2H), 4.30 (t, J = 4.93 Hz, 2H), 3.17 (d, J = 5.82 Hz, 2H), 2.80 (s, 3H). Example 47 (±)-Ethyl 2"ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-l-pyrimidinyl]ethoxy]phenyi]propanoate: The title compound (430 mg, 59 %) was obtained as a liquid from (±)-2-ethyl-4-methyl-6-pyrimidone (250 mg, 1.81 mmol) and ethyl 2-ethoxy-3-[4-(2-bromoethoxy)phenyl]propanoate (750 mg, 2.17 mmol) (disclosed in US patent application 09/012,585), sodium hydride (44 mg, 1.9 mmol, 95 %) as a base, by a similar procedure to that described in example 27. 1H NMR (CDCI3): 6 7.16 (d, J = 8.62 Hz, 2H), 6.86 (d, J = 8.62 Hz, 2H), 6.43 (s, IH), 4.70 (t, J = 4.77 Hz, 2H), 4.28 (t, J = 4.77 Hz, 2H), 4.17 (q, J = 7.11 Hz, 2H), 3.96 (t, J = 6.55 Hz, IH), 3.70 -3.50 (m, IH), 3.42 - 3.22 (m, IH), 2.95 (d, J = 6.55 Hz, 2H), 2.83 (q, J = 7.60 Hz, 2H), 2.40 (s, 3H), 1.32 (t, J = 7.60 Hz, 3H), 1.23 (t, J = 7.11 Hz, 3H), 1.63 (q, J = 6.90 Hz, 3H). Example 48 (±)-2-Ethoxy-3-[4-{2-[2-ethyl-4-methyl-6-oxo-l-pyrimidinyl]ethoxy]phenyl]propanoic acid : The title compound (100 mg, 50 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-0x0-l-pyrimidinyl]ethoxy]phenyl]propanoate (215 mg, 0.53 mmol) obtained in example 47 and sodium carbonate (265 mg, 2.5 mmol) by a similar procedure to that described in example 2. mp : 100 - 103 °C. 'HNMR(CDCl3): 6 7.19 (d, J = 8.62 Hz, 2H), 6.88 (d, J = 8.62 Hz, 2H), 6.45 (s, IH), 4.73 (t, J-4.79 Hz, 2H), 4.30 (t, J - 4.79 Hz, 2H), 4.06 (dd, J = 7.28, 4.56 Hz, IH), 3.70 - 3.40 (m, 2H), 3.11 (dd, J = 14.16, 4.56 Hz, IH), 2.97 (dd, J- 14.16 and 7.28 Hz, IH), 2.85 (q, J - 7.58 Hz, 2H), 2.42 (s, 3H), 1.33 (t, J = 7.58 Hz, 3H), 1.20 (t, J - 7.01 Hz, 3 H). Example 49 (±)-Ethyl2-ethoxy-3-[4"[[3-phenyl-4-oxo-3,4-dihydro-2-quinazolinyI]methoxy]phenyl] propanoate: The title compound (420 mg, 87.5 %) was obtained as a liquid from (±)-ethyl 2-ethoxy-3-(4-hydroxyphenyl)propanoate (220 mg, 0.92 mmol) (disclosed in US patent application 09/012,585), 2-chloromethyl-3-phenyl-4-oxo-3,4-dihydroquinazoline (275 mg, 1.01 mmol) and potassium carbonate (383 mg, 2.77 mmol) as a base by a similar procedure to that described in example 1. 'H NMR (CDCI3) 8 8.30 (d, J = 7.89 Hz, IH), 7.79 (d, J = 7.83 Hz, IH), 7.41 -7.57 (m, 5H), 7.36 (d, J - 7.56 Hz, 2H), 7.07 (d, J = 8.40 Hz, 2H), 6.68 (d, J = 8.40 Hz, 2H), 4.74 (s, 2H), 4.12 (q, J = 7.08 Hz, 2H), 3.93 (t, J = 6.53 Hz, IH), 3.50 - 3.68 (m, IH), 3.22 - 3,40 (m. IH), 2.90 (d, J = 6.65 Hz, 2H), 1.10-1.29 (m,6H). Example 50 (±)-2-Ethoxy-3-(4-[[3-phenyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]pheiiyl]propanoic acid • • The title compound (120 mg, 58 %) was obtained from (i:)-ethyl 2-ethoxy-3-[4-[[3-phenyl-4-oxo- 3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (220 mg, 0.466 mmol) obtained in example 49 and sodium carbonate (247 mg, 2.33 mmol) by a similar procedure to that described in example 2. mp: 173 °C. 1H NMR (DMSO-dfi) : 6 8.47 (d, J = 8.21 Hz, IH), 7.87 (d, J = 7.47 Hz, IH), 7.76 (d, J = 8.39 Hz, 2H), 7.59 (t, J = 7.68 Hz, IH), 7.41 (t, J = 7.82 Hz, IH), 7.34 - 7.11 (m, 5H), 6.98 (d, J = 8.39 Hz, 2Hj, 4.69 (s, 2H), 3.94 (dd, J = 5.12 and 7.42 Hz, IH), 3.58 - 3.40 (m, IH), 3.39 - 3.20 (m, IH), 2.98 - 2.76 (m, 2H), 1.03 (t, J = 7.01 Hz, 3H). Example 51 (±)-Ethyl 2-ethoxy-3-[4-[[3"methyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazolinyl]methoxyl phcnyl]propanoate : The title compound (420 mg, 79.9 %) was obtained as a liquid from (±)-elhyl 2-ethoxy-3-(4-hydroxyphenyl)propanoate (292 mg, 1.23 mmol) (disclosed in US patent application 09/012,585), 2-chloromethyl-3-methyl-4-oxo-3,4-dihydro-6,7-dimethoxy quinazoline (300 mg, 1.12 mmol) and potassium carbonate (464 mg, 3.36 mmol) as a base by a similar procedure to that described in example 1, 1H NMR (CDCI3): 5 7.60 (s, IH), 7.19 (d, J = 8.63 Hz, 2H), 7.11 (s, IH), 6.96 (d, J = 8.63 Hz, 2H), 5.12 (s, 2H), 4.15 (q, J = 7.13 Hz, 2H), 4.00 ( S,6H ) 4.01 - 3.91 (m, IH), 3.73 (s, 3H). 3.70 - 3.51 (m, IH), 3.41 - 3.24 (m, IH), 2.95 (d, J = 6.64 Hz, 2H), 1.28 - 1.10 (m, 6H). Example 52 (±)-2-Ethoxy-3-I4-[[3-methyl-4-oxo-3,4-dihydro-6,7-dimetlioxy-2-quinazolinyl]methoxyl phenyllpropanoic acid : The title compound (300 mg, 79.7 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[[3-melhyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazolinyl]methoxy]phenyl]propanoate (400 mg, 0.85 mmol) obtained in example 51 and sodium carbonate (451 mg, 4.25 mmol) by a similar procedure to that described in example 2. mp : 187 °C. 'H NMR (CDCI3): 8 7.61 (s, IH), 7.19 (d, J - 8.62 Hz, 2H), 7.12 (s, IH), 6.97 (d, J - 8.62 Hz, 2H), 5.13 (s, 2H), 4.11 - 3.94 (m, 7H), 3.73 (s, 3H), 3.69 - 3.53 (m, IH), 3.53 - 3.40 (m, IH), 3.13 - 2.89 (m, 2H), 1.18 (t, J - 6.94 Hz, 3H). Examaple 53 (±)-EthyI2-ethoxy-3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]metlioxy] phenyl]propanoate: The title compound (310 mg, 60.5 %) was obtained from (±)-ethyl 2-cthoxy-3-(4-hydroxy phenyl)propanoate (276 mg, 1.16 mol) (described in US patent application 09/012,585), 2-chloromethyl-3-(4-methylphenyl)-4-oxo-3,4-dihydroquinazoline (300 mg, 1.05 mmol) and potassium carbonate (435 mg, 3.16 mmol) as a base by a similar procedure to that described in example 1. mp : 81 °C. 'H NMR (CDCI3) : 6 8.30 (d, J = 7.89 Hz, IH), 7.79 (d, J = 3.73 Hz, IH), 7.52 (t, J = 6.09 Hz, IH), 7.32 - 7.18 (m, 5H), 7.09 (d, J - 8.3 Hz, 2H), 6.72 (d, J = 8.30 Hz, 2H), 4.75 (s, 2H), 4.13(q, J = 7.09 Hz, 2H), 3.93 (t, J = 9.94 Hz, IH), 3.69 - 3.50 (m, IH), 3.40 - 3.24 (m, IH), 2.91 (d, J = 6.41 Hz, 2H), 2.40 (s, 3H), 1.25 - 1.10 (m, 6H). Example 54 (±)-2-Ethoxy"3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid : The title compound (85 mg, 69 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[[3-(4-methylphenyl)- 4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (130 mg, 0.267 mmol) obtained in example 53 and sodium carbonate (142 mg, 1.33 mmol) by a similar procedure to that described in example 2. mp: 178°C. 1H NMR (CDCI3) : 5 8.30 (d, J = 7.89 Hz, IH), 7.79 (d, J = 3.5 Hz, IH), 7.54 (t, J - 5.97 Hz, IH), 7.47 - 6.90 (m, 7H), 6.72 (d, J = 8.62 Hz, 2H), 4.74 (s, 2H), 4.01 (dd, J - 4.26 and 7.16 Hz, IH), 3.64 - 3.30 (m, 2H), 3.09 - 2.88 (m, 2H), 2.39 (s, 3H), 1.12 (t, J = 5.65 Hz, 3H). Example 55 (db)-Ethyl 2-ethoxy-3-[4-[[3-(4-methoxyphenyl)-4-oxo-3,4-dihy(lro-2-quinazoIinyI]mpthoxyl phenyl]propanoate : The title compound (350 mg, 60 %) was obtained as a liquid from ethyl 2-ethoxy-3-(4-hydroxy phenyl)propanoate (305 mg, 1.28 mmol) (described in US patent application 09/012,585), 2-chloromethyl-3-(4-methoxyphenyl)-4-oxo-3,4-dihydroquinazoline (350 mg, 1.16 mmol) and potassium carbonate (482 mg, 3.49 mmol) as a base by a similar procedure to that described in example 1. 1H NMR (CDCI3) : 6 8.30 (d, J = 7.89 Hz, IH), 7.78 (d, J = 3.73 Hz, IH), 7.53 (t, J = 6.22 Hz, 2H), 7.23 (d, J = 8.62 Hz, in), 7.09 (d, J = 8.21 Hz, 2H), 7.01 (d, J = 8.72 Hz, 2H), 6.72 (d, J - 8.62 Hz, 2H), 4.75 (s, 2H), 4.15 (q, J - 7.13 Hz, 2H), 3.93 (t, J = 6.65 Hz, IH), 3.82 (s, 3H), 3.64 - 3.50 (m, IH), 3.40 - 3.22 (m, IH), 2.91 (d, J = 6.64 Hz, 2H), 1.25 (t, J = 7.10 Hz, 3H), 1.13 (t, J - 7.40 Hz, 3H). Example 56 (±)-2"Ethoxy-3-[4-[(3-(4-methoxyphenyl)-4-oxo-3,4-dihydro-2"quinazollnyl]niethoxy]pheny!] propanoic acid : The title compound (200 mg, 78.4 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[[3-(4-methoxy phenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (270 mg, 0.537 mmol) obtained in example 55 and sodium carbonate (285 mg, 2.68 mmol) by a similar procedure to that described in example 2. mp : 171 °C. 'H NMR (CDCI3): 5 8.32 (d, J = 7.89 Hz, IH), 7.81 (d, J = 3-41 Hz, 2H), 7.64 - 7.50 (m, IH), 7.25 (d, J = 8.53 Hz, 2H), 7.29 - 6.92 (m, 4H), 6.74 (d, J - 8.53 Hz, 2H), 4.77 (s, 2H), 4.03 (dd, J - 4.19 and 7.00 Hz, IH), 3.85 (s, 3H), 3.64 - 3.56 (m, IH), 3.48 - 3.40 (m, IH), 3.10 - 2.84 (m, 2H), 1.17 (t, J = 7.01 Hz, 3H). Example 57 (±)-Ethyl 2-ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-qulnazoImyI]methoxy]phenyl] propanoate : The title compound (450 mg, 75 %) was obtained as a liquid from (±)-et]iyl 2-ethoxy-3-(4- hydroxyphenyl)propanoate (322 mg, 1.35 mmol) (disclosed in US patent application 09/012,585), 2- chloromethyl-3-benzyl-4-oxo-3,4-dihydroquinazoline (350 mg, 1.23 mmol) and potassium carbonate (509 mg, 3.69 mmol) as a base by a similar procedure to that described in example 1. 1H NMR (CDCI3) : 6 8.35 (d, J = 7.89 Hz, IH), 7.85 - 7.70 (m, 2H), 7.54 (t, J = 6.36 Hz, IH), 7.36 - 7.10 (m, 7H), 6.87 (d, J = 8.63 Hz, 2H), 5.59 (s, 2H), 5.00 (s, 2H), 4.15 (q, J = 7.08 Hz, 2H), 3.96 (t, J = 6.57 Hz, IH), 3.69O.50(m, IH), 3.41 - 3.25 (m, IH), 2.94 (d, J = 6.32 Hz, 2H), 1.29-1.11 (m, 6H). Example 58 (±)-2-Ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid: The title compound (280 mg, 80 %) was obtained from (±)-cthyl 2-cthoxy-3-|4-[[3-bcnzyl-4-oxo- 3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (370 mg, 0.76 mmol) obtained in example 57 and sodium carbonate (403 mg, 3.8 mmol) by a similar procedure to that described in example 2. mp: 160 °C. 1H NMR (CDCI3) : 5 8.35 (d, J - 8.31 Hz, IH), 7.81 - 7.70 (m, 2H), 7.54 (t, J - 6.43 Hz, IH), 7.38 - 7.10 (m, 7H), 6.88 (d, J = 8,53 Hz, 2H), 5.59 (s, 2H), 5.01 (s, 2H), 4.05 (dd, J - 4.15 and 7.21 Hz, IH), 3.66 - 3.39 (m, 2H), 3.09 (dd, J = 4.15 and 14.21 Hz, IH), 2.94 (dd, J = 7.21 and 14.21 Hz, IH), 1.17 (t, J = 7.05 Hz, 3H) Example 59 (db)-Ethyl 2-ethoxy-3-[4-[[3-(3-chlorophenyI)-4-oxo-3,4-dihydro-2-quinazolinyl|methoxy] phenyljpropanoate : The title compound (300 mg, 49 %) was obtained as a liquid from (±)-ethyl 2-ethoxy-3-(4-hydroxyphenyl)propanoate (288 mg, 1.21 mmol), 2-chloromethyl-3-(3-chlorophenyl)-4-oxo-3,4-dihydroquinazoline (370 mg, 1.21 mmol) and potassium carbonate (502 mg, 3.63 mmol) as a base by a similar procedure to that described in example 1. 'H NMR (CDCI3): 6 8.31 (d, J = 7.88 Hz, IH), 7.90 - 7.78 (m, 2H), 7.61 - 7.20 (m, 5H), 7.10 (d, J = 8.63 Hz, 2H), 6.71 (d, J = 8.63 Hz, 2H), 4.85 (s, 2H), 4.15 (q, J = 7.07 Hz, 2H), 3.94 (t, J = 6.64 Hz, 1H),3.70- 3,51 (m,lH), 3.41 - 3.25 (m, IH), 2.92 (d, J-6.55 Hz, 2H), 1.28 - 1.10 (m, 6H). Example 60 (±)-2-Ethoxy-3-[4-[I3-(3-chlorophenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid: The title compound (125 mg, 66 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[[3-(3-chlorophenyI)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (200 mg, 0,39 mmol) obtained in example 59 and sodium carbonate (209 mg, 1.97 mmol) by a similar procedure to that described in example 2. mp : 157 °C. 'H NMR (CDCI3): 5 8.52 (d, J - 8.31 Hz, IH), 8.30 (bs, IH), 7.90 - 7.79 (m, IH), 7.62 - 6.92 (m, 8H), 6.35 (d, J = 8.3 Hz, IH), 4.59 (s, 2H), 4.03 (dd, J = 4.47 and 7.05 Hz, IH), 3.62 - 3.31 (m, 2H), 3.12 - 2.82 (m, 2H), 1.18 (t, J = 3.41 Hz, 3H). Example 61 (±)-Ethyl2-ethoxy-3-14-[[3-(3-chIoro-4-fluorophenyl)-4-oxo-3,4-dihydro-2-quinazoIinyl] mcthoxylphenyllpropanos The title compound (250 mg, 57 %) was obtained as a liquid from (±)-ethyl 2-ethoxy-3-(4-hydroxyphenyOpropanoate (218 mg, 0.919 mmol) (disclosed in US patent application 09/012,585, 2-chloromethyl-3-(3-chloro-4-fluorophenyl)-4-oxo-3,4-dihydroquinazoline (270 mg, 0.835 mmol) and potassium carbonate (380 mg, 2.5 mmol) as a base by a similar procedure to that described in example 1, 1H NMR (CDCI3): 5 8.29 (d, J = 7.98 Hz, IH), 7.77 - 7.83 (m, 2H), 7.50 ^ 7.60 (m, IH), 7.44 (d, J = 5.31 Hz, IH), 7.23 (d, J = 6.32 Hz, 2H), 7.11 (d, J = 8.62 Hz, 2H), 6.71 (d, J - 8.49 Hz, 2H), 4.80 (s, 2H), 4.12 (q, J = 4.75 Hz, 2H), 3.93 (t,'J = 6.60 Hz, IH), 3.50 - 3.68 (m, IH), 3.24 - 3.41 (m, IH), 2.91 (d, J = 6.64 Hz, 2H), 1.10 - 1.28 (m, 6H). Example 62 (±)-2-Ethoxy-3-[4-[[3-(3-chIoro-4-fluorophenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyI]propanoic acid t The title compound (85 mg, 50 %) was obtained from (±)-ethyl 2-ethoxy-3-[4-[[3-(3-chloro-4-fluorophenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate (180 mg, 0.343 mmol) obtained in example 61 and sodium carbonate (181 mg, 1.71 mmol) by a similar procedure to that described in example 2. mp : 175°C. 'H NMR (CDCI3) : 8 8.60 (d, J = 8.07 Hz, IH), 8.00 (d, J - 4.48 Hz, IH), 7.70 (d, J = 7.89 Hz, 2H), 7.80 - 7.09 (m, 5H), 6.98 (d, J - 8.39 Hz, 2H), 4.60 (s, 2H), 3.96 (dd, J = 4.61 and 7.43 Hi, IH), 3.70 - 3.52 (m, IK), 3.41 - 3.24 (m, IH), 3.08 - 2.84 (m, 2H), 1.15 (t, J = 6.85 Hz, 3H). The compounds of the present invention lowered random blood sugar level, triglyceride, total cholesterol, LDL, VLDL and increased HDL. This was demonstrated by in vitro as well as in vivo animal experiments. Demonstration of Efficacy of Compounds : A) In vitro : a) Determination of hPPARa activity ; Ligand binding dortiain of hPPARa was fused to DNA binding domain of Yeast transcription factor GAL4 in eucaryotic expression vector. Using superfect (Qiagen, Germany) as transfecting reagent HEK-293 cells were transfected with this plasmid and a reporter plasmid harboring the luciferase gene driven by a GAL4 specific promoter. Compound was added at different concentrations after 42 hrs of transfection and incubated overnight. Luciferase activity as a function of compound binding/activation capacity of PPARa was measured using Packard Luclite kit (Packard, USA) in Top Count (Ivan Sadowski, Brendan Bell, Peter Broag and Melvyn Hollis. Gene. 1992. 118 : 137 -141; Superfect Transfection Reagent Handbook. February, 1997. Qiagen, Germany). b) Determination of hPPARy activity : Ligand binding domain of hPPARyl was fused to DNA binding domain of Yeast transcription factor GAL4 in eucaryotic expression vector. Using lipofectamine (Gibco BRL, USA) as transfecting reagent HEK-293 cells were transfected with this plasmid and a reporter plasmid harboring the luciferase gene driven by a GAL4 specific promoter. Compound was added at 1 ^M concentration after 48 hrs of transfection and incubated overnight. Luciferase activity as a function of drug binding/activation capacity of PPARyl was measured using Packard Luclite kit (Packard, USA) in Packard Top Count (Ivan Sadowski, Brendan Bell, Peter Broag and Melvyn Hollis. Gene. 1992. 118 : 137 -141; Guide to Eukaryotic Transfections with Cationic Lipid Reagents. Life Technologies, GIBCO BRL, USA). c) Determination of HMG CoA reductase inliibition activity : Liver microsome bound reductase'was prepared from 2% cholestyramine fed rats at mid-dark cycle. Spectrophotomctric assays were carried out in 100 mM KH2PO4, 4 mM DTT, 0.2 mM NADPH, 0.3 mM HMG CoA and 125 |ug of liver microsomal enzyme. Total reaction mixture volume was kept as 1 ml. Reaction was started by addition of HMG CoA. Reaction mixture was incubated at 37 °C for 30 min and decrease in absorbance at 340 nm was recorded. Reaction mixture without substrate was used as blank (Goldstein, J. L and Brown, M. S. Progress in understanding the LDL receptor and HMG CoA reductase, two membrane proteins that regulate the plasma cholesterol. J. Lipid Res. 1984, 25: 1450 -1461). The test compounds inhibited the HMG CoA reductase enzyme. B) In vivo : a) Efficacy in genetic models : Mutation in colonies of laboratory animals and different sensitivities to dietary regimens have made the development of animal models with non-insulin dependent diabetes and byperlipidemia associated with obesity and insulin resistance possible. Genetic models such as db/db and ob/ob (Diabetes, (1982) 31(1) : 1- 6) mice and zucker fa/fa rats have been developed by the various laboratories for understanding the pathophysiology of disease and testing the efficacy of new antidiabetic compounds (Diabetes, (1983) 32: 830-838 ; Annu. Rep. Sankyo Res. Lab. (1994). 46 : 1-57). The homozygous animals, C57 BL/KsJ-db/db mice developed by Jackson Laboratory, US, are obese, hyperglycemic, hyperinsulinemic and insulin resistant (J. Clin. Invest., (1990) 85 : 962-967), whereas heterozygous are lean and normoglycemic. In db/db model, mouse progressively develops insulinopenia with age, a feature commonly observed in late stages of human type II diabetes when blood sugar levels are insufficiently controlled. The state of pancreas and its course vary according to the models. Since this model resembles that of type II diabetes mellitus, the compounds of the present invention were tested for blood sugar and triglycerides lowering activities. Male C57BL/KsJ-db/db mice of 8 to 14 weeks age, having body weiglit range of 35 to 60 grams, bred at Dr. Reddy's Research Foundation (DRF) animal house, were used in the experiment. The mice were provided with standard feed (National Institute of Nutrition (NIN), Hyderabad, India) and acidified water, ad libitum. The animals having more than 350 mg / dl blood sugar were used for testing. The number of animals in each group was 4. Test compounds were suspended on 0.25 % carboxymethyl cellulose and administered to test group at a dose of 0.001 mg to 30 mg / kg through oral gavage daily for 6 days. The control group received vehicle (dose 10 ml / kg). On 6th day the blood samples were collected one hour after administration of test compounds / vehicle for assessing the biological activity. The random blood sugar and triglyceride levels were measured by collecting blood (100 p.!) through orbital sinus, using heparinised capillary in tubes containing EDTA which was centrifuged to obtain plasma. The plasma glucose and triglyceride levels were measured spectrometrically, by glucose oxidase and glycerol-3-P04 oxidase/peroxidase enzyme (Dr. Reddy's Lab. Diagnostic Division Kits, Hyderabad, India) methods respectively. The blood sugar and triglycerides lowering activities of the test compound was calculated according to the formula. No adverse effects were observed for any of the mentioned compounds of invention in the above test. The ob/ob mice were obtained at 5 weeks of age from Bomholtgard, Denmark and were used at 8 weeks of age. Zucker fa/fa fatty rats were obtained from IffaCredo, France at 10 weeks of age and were used at 13 weeks of age. The animals were maintained under 12 hour light and dark cycle at 25 + 1 °C. Animals were given standard laboratory chow (NIN, Hyderabad, India) and water, ad libitum (Fujiwara, T., Yoshioka, S., Yoshioka, T., Ushiyama, I and Horikoshi, H. Characterization of new oral antidiabetic agent CS-045. Studies in KK and ob/ob mice and Zucker fatty rats. Diabetes. 1988.37: 1549-1558). i The test compounds were administered at 0.1 to 30 mg/kg/day dose for 9 days. Tlie control animals received the vehicle (0.25 % carboxymethylcellulose, dose 10 ml/kg) through oral gavage. The blood samples were collected in fed state 1 hour after drug administration on 0 and 9 day of treatment. The blood was collected from the retro-orbital sinus through heparinised capillary in EDTA containing tubes. After centrifugation, plasma sample was separated for triglyceride, glucose, free fatty acid, total cholesterol and insulin estimations. Measurement of plasma triglyceride, glucose, total cholesterol were done using commercial kits (Dr. Reddy's Laboratory, Diagnostic Division kits, Hyderabad, India). The plasma free fatty acid was measured using a commercial kit form Boehringer Mannheim, Germany. The plasma insulin was measured using a RIA kit (BARC, India). The reduction of various parameters examined are calculated according to the formula. In ob/ob mice oral glucose tolerance test was performed after 9 days treatment. Mice were fasted for 5 hrs and challenged with 3 gm/kg of glucose orally. The blood samples were collected at 0, 15, 30, 60 and 120 min for estimation of plasma glucose levels. The experimental results from the db/db mice, ob/ob mice, Zucker fa/fa rats suggest that the novel compounds of the present invention also possess therapeutic utility as a prophylactic or regular treatment for diabetes, obesity, cardiovascular disorders such as hypertension, hyperlipidaemia and other diseases; as it is known from the literature that such diseases are interrelated to each other. Blood glucose level and triglycerides are also lowered at doses greater than 10 mg/kg. Normally, the quantum of reduction is dose dependent and plateaus at certain dose. b) Cholesterol lowering activity in hypercholesterolemic rat models : Male Sprague Dawley rats (NIN stock) were bred in DRP animal house. Animals were maintained under 12 hour light and dark cycle at 25 ± 1 °C. Rats of 180 - 200 gram body weight range were used for the experiment. Animals were made hypercholesterolemic by feeding 2% cholesterol and 1% sodium cholate mixed with standard laboratory chow [National Institute of Nutrition (NIN), Hyderabad, India] for 6 days. Throughout the experimental period the animals were maintained on the same diet (Petit, D., Bonnefis, M. T., Rey, C and Infante, R. Effects of ciprofibrate on liver lipids and lipoprotein synthesis in normo- and hyperlipidemic rats. Atherosclerosis. 1988. 74 : 215-225). The test compounds were administered orally at a dose 0.1 to 30 mg/kg/day for 3 days. Control group was treated with vehicle alone (0.25 % Carboxymethylcellulose; dose 10 ml/kg). The blood samples were collected in fed state 1 hour after drug administration on 0 and 3 day of compound treatment. The blood was collected from the retro-orbital sinus through heparinised capillary in EDTA containing tubes. After centrifugation, plasma sample was separated for total cholesterol, HDL and triglyceride estimations. Measurement of plasma triglyceride, total cholesterol and HDL were done using commercial kits (Dr. Reddy's Laboratory, Diagnostic Division, India). LDL and VLDL cholesterol were calculated from the data obtained for total cholesterol, HDL and triglyceride. The reduction of various parameters examined are calculated according to the formula. c) Plasma triglyceride and total cholesterol lowering activity in Swiss albino mice and Guinea pigs : Male Swiss albino mice (SAM) and male Guinea pigs were obtained from NIN and housed in DRF animal house. All these animals were maintained under 12 hour light and dark cycle at 25 ± 1 ^C. Animals were given standard laboratory chow (NIN, Hyderabad, India) and water, ad libitum, SAM of 20 - 25 g body weight range and Guinea pigs of 500 - 700 g body weight range were used (Oliver, P., Plancke, M. O., Marzin, D., Clavey, V., Sauzieres, J and Fruchart, J. C. Effects of fenofibrate, gemfibrozil and nicotinic acid on plasma lipoprotein levels in normal and hyperlipidemic mice. Atherosclerosis. 1988. 70 : 107-114). The test compounds were administered orally to Swiss albino mice at 0.3 to 30 mg/kg/day dose for 6 days. Control mice were treated with vehicle (0.25% Carboxymethylcellulose; dose 10 ml/kg). The test compounds were administered orally to Guinea pigs at 0.3 to 30 mg/kg/day dose for 6 days. Control animals were treated with vehicle (0.25% Carboxymethylcellulose; dose 5 ml/kg). The blood samples were collected in fed state 1 hour after drug administration on 0 and 6 day of treatment. The blood was collected from the retro-orbital sinus through heparinised capillary in EDTA containing tubes. After centrifugation, plasma sample was separated for triglyceride and total ' cholesterol (Wieland, O. Methods of Enzymatic analysis. Bergermeyer, H. O., Ed., 1963. 211 - 214; Trinder, P. Ann. Clin. Biochem. 1969. 6 : 24 - 27). Measurement of plasma triglyceride, total cholesterol and HDL were done using commercial kits (Dr. Reddy's Diagnostic Division, Hyderabad, India). Formulae for calculation: 1. Percent reduction in Blood sugar / triglycerides / total cholesterol were calculated according to the formula: We claim its derivatives, its analogs, its tautomeric forms, its stereoisomers, its polymorphs, its pharmaceutically acceptable salts, its pharmaceutically acceptable solvates, wherein X represents O or S ; the groups R1, R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4 R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, aiylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R7 represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents oxygen or NR8 where R8 represents hydrogen, alkyl, aryl, hydroxyalkyl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R7 and R8 together may form a 5 or 6 membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen. 2. A compound of formula (I) according to claim 1, wherein the groups represented by R , R and the group R3 when attached to carbon atom are substituted and the substitucnts are selected from halogen, hydroxy, or nitro or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acylox hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, aralkoxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives . 3. A compound of formula (I) according to claim 1, wherein the group R3 when attached to nitrogen is substituted, preferred substitucnts are selected from halogen such as fluorine, chlorine; hydroxy, acyl, acyloxy, amino groups. 4. A compound of formula (I) according to claim 1, wherein Ar represents optionally substituted divalent phenylene, naphthylene, pyridyl, quinolinyl, benzofuryl, dihydrobenzofuryl, benzopyranyl, indolyl, indolinyl, azaindolyl, azaindolinyl, pyrazolyl, benzothiazolyl, benzoxazolyl and the like. 5. A compound of formula (I) according to claim 1, wherein the substitucnts on the group represented by R6 are selected from halogen, hydroxy, or nitro or optionally substituted groups selected from alkyl, Cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives . 6. A process for the preparation of compound of formula (I) ) where X represents O or S ; the groups R1, R2 and group R3' when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 and R5 together represent a bond; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaiyl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R represents hydrogen or lower alkyl group; R may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents oxygen atom, which comprises : where X represents O or S ; the groups R1 R2 and the group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carhoxylic acid or its derivatives, or sulfonic acid or its derivatives; R1 R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl group; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R7 represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents oxygen atom, which comprises : derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0" may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4; R6 represents optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, R7 represents hydrogen and Y represents oxygen atom, which comprises : hydrolising a compound of formula (I) described in any of the claims 6 and 7, where R7 represents optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and and all other symbols are as defined earlied by conventional methods. where X represents O or S ; the groups R1, R2 and group when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, aiylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, ur sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R6 foims a bond together with R4 R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents NR8 where R8 represents hydrogen, alkyl, aryl, hydroxyalkyl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl group groups; R7 and R8 together may form a 5 or 6 membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen, which comprises : a) reacting a compound of formula (I) where all symbols are as defined above and Y represent oxygen or YR7 represents a halogen atom or COYR7 represents a mixed anhydride group with appropriate amines of the formula NHR7R8 where R7 and R8 are as defined earlier and if desired; b) converting the compounds of formula (I) obtained above into pharmaceutically acceptable salts or pharmaceutically acceptable solvates by conventional methods. where X represents O or S ; the groups R1, R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, foimyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1 R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic slmcture containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 and R5 together represent a bond; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R7 represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents oxygen atom, prepared according to the process of claim 6. 11. A compound of formula (I) where X represents O or S ; the groups R1 R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, if alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1 R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl; R6 may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R6 does not represent hydrogen when R7 represents hydrogen or lower alkyl group; R7 may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents oxygen atom, prepared according to the process of claim 7. where X represents O or S ; the groups R1, R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure conta— carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- "lay be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R4 represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R5; R5 represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R5 forms a bond together with R4 R6 represents optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, R7 represents hydrogen, Y represents oxygen prepared according to the process of claim 8. where X represents O or S ; the groups RI, R2 and group R3 when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R1, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl", alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylaiSiino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- ^^Y be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl grcup or forms a bond together with the adjacent group R^ R^ represents liydrogcn, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R^ forms a bond together with R"*; R*^ may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, with a provision that R*^" does not represent hydrogen when R represents hydrogen or lower alkyl group; R may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups and Y represents NR , where R represents hydrogen, alkyl, aryl, hydroxyalkyl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R^ and R^ together may form a 5 or 6 membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen, prepared according to the process of claim 9. where X represents O or S ; the groups R1, R2 and group R^ when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R^ R^ along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic stmcture containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted grcmps selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0-" "^^y be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R'* represents hydrogen ^ atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R^; R^ represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R^ forms a bond together with R^ R^ may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups. where X represents O or S ; the groups R^, R^ and group R^ when present on carbon atom, may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxy alkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R^, R2 along with the adjacent atoms to which they are attached may also form a 5-6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may optionally contain one or more heteroatoms selected from oxygen, nitrogen and sulfur; R3 when attached to nitrogen atom represents hydrogen, hydroxy, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, aryloxy, aralkoxy, heteroaryloxy, heteroaralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid derivatives, or sulfonic acid derivatives; the linking group represented by -(CH2)n-0- may be attached either through nitrogen atom or through carbon atom where n is an integer ranging from 1 ~ 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R"* represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl; R^ where X represents O or S ; the groups R', R^ may be same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, alkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyi, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; R\ R^ along with the adjacent atoms to which they are attached may also form a 5*6 membered substituted or unsubstituted cyclic structure containing carbon atoms with one or more double bonds, which may ofitionaily coniam one or more heteroatoms selected from oxygen, nitrogen and sulfur; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R'^ represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R^; R^ represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R^ forms a bond together with R^; R^ may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups, acylamino, alkylamino, arylamino with a provision that R^ does not represent hydrogen when R^ represents hydrogen or lower alkyl group; R^ may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups. where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or fused aromatic or heterocyclic group; R"^ represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R^; R^ represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R^ forms a bond together with R'*; R^ may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heteroaralkyl groups; R^ may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups. where n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent single or frised aromatic or heterocyclic group; R^ represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl, optionally substituted aralkyl group or forms a bond together with the adjacent group R^ R^ represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl, optionally substituted aralkyl or R^ forms a bond together with R'*; R^ may be hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl, heterooralkyl groups; R^ may be hydrogen or optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl groups. 23. A process for the preparation of novel intermediate of formula (IVn) defined in claim in 22, 4 A 24. A compound according to claim 1 which is selected from : (±)-Ethyl 2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid ; (±)-Sodium2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoate; [2R, N(1S)] 2-ethoxy-3-[4-[[3-Methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] -N-(2- hydroxy-1 -phenylethyl)propanamide; [2S,N(lS)]2-ethoxy-3-[4-[[3-MethyM-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2- hydroxy-1 -phenylethyl)propanamide ; (+)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; (-)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid; (-)-Sodium2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate; (±)-(morpholine-4-yl) 2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanamide ; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]-N-(2-fluorophenyl)propanamide; (±)"Ethyl2-methoxy-3-[4-[[3-methyl-4"OXO-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoate ; (±)-2-Methoxy-3-[4-[[3-methyI-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid; (±)-Ethyl2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyl]propanoate ; (±)-2-Propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid ; [2S,N(1S)] 2-propoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quJnazolinyl]methoxy]phenyl]-N-(2- hydroxy-1 -phenylethyl)propanamide ; [2R, N(1S)] 24*ropoxy-3-[4-[[3-mcthyl-4-oxo-3,4-dihydro-2-quinazolinyl]nietlu)xy]phenyl]-N-(2- hydroxy-1-phenylethyl)propanamide ; (±)"Ethyi2-(n-butoxy)-3-[4-[[3-methyl"4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyl]propanoate ; (±)-2-(n-Butoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phcnyl] propanoic acid; (±)-Ethyl2-(n-octyloxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyl]propanoate ; (±)-Ethyl2-benzyloxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoate; (±)-2-Benzyloxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phcnyl]propanoic acid; (±)-Ethyl 2-phenoxy 3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate; (±)-2-Phenoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid; (±)-Ethyl 2-(2-methoxyethoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazohnyI]methoxy]phenyl] propanoate; (±)-2-(2-Methoxyethoxy)-3-[4-[[3-methyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl] propanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3"quinazolinyl]ethoxy]phenyl]propanoate; (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid; [2R,N(lS)]2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2-hydroxy-1 -phenylethyl)propanamide; (+) -2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (-)-2-Ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid ; (-f-)-Ethyl 2-ethoxy-3r[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazoHnyl]ethoxy]phenyl]propanoate ; (-)-Ethyl 2-ethoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazoHnyl]ethoxy]phenyl]propanoate ; (±)-Ethyl 2-ethoxy-3-[4-[2-[2-niethyl-4-oxo-3,4-dihydrO"3-quinazolinyl]ethoxy]phenyl]propanoate; (±)-2-Etho;cy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoic acid; [2R,N(lS)]2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]-N-(2- hydroxy-l -phenylethyl)propanamide ; [2S,N(lS)]2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl^ hydroxy-l-phenylethyl)propanamide ; (+)-2-Ethoxy-3-[4-[2-[2-mclhyl-4-oxo-3,4-dihydro-3-quinazoHnyl]elhoxy]phcnyl]propanoicacid ; (-)-2-Ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (+)-Ethyl 2-ethoxy-^3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (-)-Ethyl-2-ethoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoatc ; (±)-Ethyl2-ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[2-[4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid; (±)-Ethyl 2-phenoxy-3-[4-[2-[2-ethyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoate ; (±)-2-Phcnoxy-3-[4-[2-[2-cthyl-4-oxo-3,4-dihydro-3-quinazolinyl]cthoxy]phcnyl]propanoic acid; (db)-Ethyl2-phenoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl] propanoate; (±)-2-Phenoxy-3-[4-[2-[2-methyl-4-oxo-3,4-dihydro-3-quinazolinyl]ethoxy]phenyl]propanoicacid ; (±)-Ethyl 2-ethoxy-3-[4-[2'[2-ethyl-4-methyl-6-oxo-l-pyrimidinyl]ethoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-l-pyrimidinyl]ethoxy]phenyl]propanoic acid ; (±)-Ethyl 2-ethoxy-3-[4-[[3-pheny]-4-oxo-3,4-dihydro-2-quinazoHnyl]methoxy]phenyl]propanoate; (±)-2~Ethoxy-3-[4-[2-[2-ethyl-4-methyl-6-oxo-l-pyrimidinyl]ethoxy]phenyl]propanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[[3-phenyl-4-oxo-3,4-dihydro-2-quinazoHnyl]methoxy]phenyl]propanoate; (±)-2-Ethoxy-3-[4-[[3-phenyl"4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazolinyl] methoxy]pheiiyl]propanoate ; (±)-2-Ethoxy-3-[4-[[3-methyl-4-oxo-3,4-dihydro-6,7-dimethoxy-2-quinazolinyl]methoxy] phenyljpropanoic acid; (±)-Ethyl 2-ethoxy-3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazohnyl]methoxy] phenyl]propanoate; (±)-2-Ethoxy-3-[4-[[3-(4-methylphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoic acid ; (±)-Ethyl2-ethoxy-3-[4-[[3-(4-methoxyphenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy] phenyljpropanoate ; (±)-2-Ethoxy-3-[4-[[3-(4-methoxyphenyl)-4-oxO"3,4-dihydro-2-quinazolinyl]mclhoxy] phenyljpropanoic acid; (±)-Ethyl2-ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoate ; (±)-2-Ethoxy-3-[4-[[3-benzyl-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]phenyl]propanoicacid; (db)-Ethyr2-ethoxy-3-[4-[[3-(3-chlorophenyl)-4-oxo-3,4-dihydro-2-quinazolinyl]methoxy]pheny

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