Title of Invention	NOVEL HETEROCYLIC COMPOUNDS, PROCESS FOR THEIR PREPARATION AND PHARMACEUTICAL COMPOSITIONS CONTAINING THEM
Abstract	The present invention relates to new heterocyclic compounds and their pharmaceutical acceptable salts having antidiabetic, hypolipidaemic, anihypertensive properties which could be more potent at relatively lower doses and having better efficacy with lower toxicity. The invention also relates to a process for the preparation of above said novel compounds and pharmaceutically acceptable salts.

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Field or the Invention The present invention relates to novel antidiabetic compounds, their automatic forms, their derivatives, (heir analogues, their stereo isomers, their polymorphs, their pharmaceulically acceptable salts, their pharmaceuticalty acquirable solvates and pharmaceutically acquirable compositions contemning them. This invention particularly relates to novel azolidinedione derivatives of the general formula (I) and their pharmaceutically acceptable salts, pharmaceutically acceptable solvates and pharmaceutical compositions containing them. The present invention also relates to a process for the preparation of the above said novel, azolidinedione derivatives, their analogues, their tautomeric forms, their stereoisomerism, their polymorphs, their pharmaceutically acceptable salts, pharmaceutically acceptable solvates, novel intermediates and, pharmaceutical compositions containing them. This invention also relates to novel intermediates, processes for preparing the intermediates and processes for using the intermediates. This invention also relates to novel intermediates, processes for preparing the fntemiodlatas and processes for using intermediates. The azolidinediones of the general formulae (I) and (!") defined above of the present invention are useiul for the treatment and / or prophylaxis of hyperlipidemia. hypercholesterolemia, hyperglycemia, osteoporosis, obesity, glucose intolerance, insulin resistance and also diseases or conditions in which insulin resistance is the underlying pathophysiological mechanism. Examples of these diseases and conditions are type 11 diabetes, impaired glucose tolerance, dyslipidaemia, hypertension, coronary heart disease and other cardiovascular disorders including atherosclerosis. The azolidinediones of the formulae (I) and (!") are useful for the treatment of insulin resistance associated with obesity and psoriasis. The azolidinediones of the formulae (I) and (I") can also be used to treat diabetic complications and can be used for treatment and / or prophylaxis of other diseases and conditions such as polycystic ovarian syndrome (PCOS), certain renal diseases including diabetic nephropathy, glomerulonephritis, glomerular sclerosis, nephrotic syndrome, hypertensive nephrosclerosis, end-stage renal diseases and microalbuminuria as well as certain eating disorders, as aldose reductase inhibitors and for improving cognitive functions in dementia. Background of the Invention Insulin resistance Is the diminished ability of 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, hyperiipidemia (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 hyperinsulincmia have a contributory role in obesity, hypertension, atherosclerosis and type 2 diabetes mellitus. The association of insulin resistance with obesity, hypertension and angina has b(xn described as a syndrome having insulin resistance as the central pathogenic link-Syndrome-X. In addition, polycystic ovarian syndrome (Patent Application No. WO 95/07697), psoriasis (Patent Apphcation No. WO 95/351 OS), dementia (Behavioral Brain Research (1996) 75 : 1 - I I) etc. may also have insulin resistance as a central pathogenic feature. Recently, it has also been rqwrted that insulin sensitizers improve the bone mineral density and thus may be useful for the treatment of osteoporosis (EP-783888). A number of molecular defects have been associated with insulin resistance. These include reduced expression of insulin receptors on the ptasma membrane of insulin responsive cells and alterations in the signal transduction pathways that become activ&ted after insulin binds to its receptor including glucose transport and glycogen synthesis. Since defective insulin action is thought to be more important than failure of insulin secretion in the development of non-insulin dependent diabetes mellitus and other related complications, this raises doubts about the intrinsic suitability of antidiabetic treatment that is based entirely upon stimulation of insulin release. Recently, Takeda his developed a new class of compounds which are the derivatives of 5-(4-alkoxybenzyl)-2,4-thiazolidinediones of the formula (II) (Ref Chem. Pharm. Bull. 1982, 30, 3580-3600). In the formula (II), V represents subsdluted or unsubstituted divalent aromatic group B represents a sulfur atom or an oxygen atom and U represents various groups which have been r^Jorted in various patent documents. .0 " "-O-V-CH2—y ^ B^/NH (H) T o By way 01 examples, u may represent the following groups: (i) a group of the formula (Ila) where R" is hydrogen or hydrocarbon residue or heterocyclic residue which may each be substituted, R^ is hydrogen or a lower alkyl which may be substituted by hydroxy group, X is an oxygen or sulphur atom, Z is a hydroxylated methylene or a caibonyl, m is 0 or 1, n is an integer of 1 -3. These compounds have been disclosed in the European Patent Application No. 0 177 353 ,(Z)ni-(CH2)n— Rr X R2 (Ila) An example of these compounds is shown in fonnula (lib) (lib) Ph^O-^CH3 Y O (ii) a group of the formula (He) wherein R" and R^ are the same or different and each represents hydrogen or C1-C5 alkyl, R} represents hydrogen, acyl group, a (C-Ce) afkoxycarbonyl group or aralkyloxycarbonyl group, R* - R" are same or different and each represent hydrogen, Ci -C3 alkyl or C| -C3 alkoxy or R^, R^ together represent C1-C4 alkenedioxy group, n is 1, 2, or 3, W r^resents CH2, CO, CHOR* group in which R^ rqiresents any one of the items or groups defined for R^ and may be the same or different from R". These compounds I axe disclosed in the Europcim Patent Application No. 0 139 421. O^yRi J^(CH2)n- (llc) , An example of these compounds is shown in (lid) 0\ ! NH (Hd) Hi) A group of formula (lie) where A" represents substituted or unsubstituted annnallc hetCTocyclic group, R* r^resents a hydrogen atom, alkyl group, acyl group, an aralkyl group wherein the aryl moiety may be substituted or unsubstituted, or a substituted or unsubstituted aryl group, n represents an integer in the range from 2 to 6. These compounds are disclosed in European Patent No. 0 306 228. R" A"—N-{CH2)n— (lie) An example of this compound is shown in formula (Ilf) (Mf) iv) A group of foraiula (Ilg) where Y represents N or CR^, R", R*. R^, R* and R^ represents hydrogen, halogen, alkyl and the like and R* rq)resents hydrogen, alkyl, aryl and the like, n represrats an integra^ of 0 to 3. These compounds are disclosed in European Patent Application No. 0604 983. (Ilg) An example of thli compound is dtown in formula (Uh) :F3 V) a group of fonnula (Ili), where R is (Ci-Ce) alkyl groups, cycloalkyi group, fuiyl, thicnyl, substituted or unsubstituted phenyl group, X is hydrogen, methyl, m^hoxy, chioro or fluoro. These compounds have been disclosed in die US patent no. 5 037 842. "- (IN) An example of these compounds is shown in formula (IIj). (M DOk.» o (vi) a group of formula (Ilk) wherein A" represents a substituted or unsubstituted aromatic helerocyclyl group; R" represents a hydrogen atom, an alkyl group, an acyl group, an aralkyi group, wherein the aryl moiety may be substituted or unsubstituted or a substituted or unsubstituted aryl group, n represents an integer in the range of from 2 to 6. These compounds have been disclosed in the patent application No. WO 92/02520. R" I A"—N—(CH2)n—O— (Ilk) An example of these compounds is shown in formula (II I). O N CH3 jyyj ^^ z*^ (II I) )^N-(CH2)2-0" Some of the above referenced hitherto known antidiabetic compounds seem to possess bone marrow depression, liver and cardiac toxicities and modest potency and consequently, their regular use for the treatment and control of diabetes is becoming limited and restricted.. Summary of the InveiriUon With an objective of developing new compounds for the treatment of type II diabetes [non-insulin-dependent-diabetes mellitus (NIDDM)] which could be more potent at relatively lower doses and having better efficacy with lower toxicity, we focused our research efforts in a direclron of incorporating safety and to have better efficacy, which has resulted in the development of novel azolidinedione derivatives having the general formula (1) and (1") as defined above. The main objective of the present invention is therefore, to provide novel azolidinedione derivatives, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing Ihem, or tlieir mixtures thereof. Another objective of the present invention is to provide novel azolidinedione derivatives, their tautomeric forms, their stereoisomers, their polymorphs, (heir pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions conlaining them or Iheir mixtures having enhanced activities, no toxic effect or reduced toxic effect. Yet another objective of the present invention is to provide a process for the preparation, of novel azolidinediones of the formula (I) as defined above, their derivatives, their analogues, 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 derivtives, their analogues, their tautomers, their stereoisomers, their polymorphs, their salts, solvates or their mixtures in combination with suitable carriers, solvents, excipients, diluents and other media normally employed in preparing such compositions. Yet another objective of the present invention is to provide novel intermediate of the foimula (III) X N 5 where G represents -CHO, -NO2, -NHa or -CH2CH(J)-C00R, where J represents halogen atom such as chlorine, bromine or iodine and R represents H or lower alkyl group such as (Ci - Ce) alkyl group, preferably a (Ci - C3) alkyl group such as methyl, ethyl, or propyl; and R, R , R . R\ R", R*. X. W, n and Ar are defined as in formula (I). Still another objective of the present invention is to provide a process for the preparation of the novel intermediate of the formula (III) (CH2)—O—Ar-G (III) where G represents -CHO, -NO2, -NH2 or -CH2CH(J)-COOR, where J represents halogen atom such as chlorine, bromine or iodine and R represents H or lower alkyl group such as (C\ - Ce) alkyl group, preferably a (C| - C3) alkyl group such as methyl, ethyl, or propyl; and R", R^ R\ R^, R", R*, X, W, n and AT are defmed as in formula (I). Yet another objective of the present invention is to provide a novel intermediate of the formula (Iir) X -riCH2)n—O—Ar-G (III-) where G represents -CHO, -NO2, -NH2 or -CH2CH(J)-COOR, where J represents halogen atom such as chlorine, bromine or iodine and R represents H or lower alkyl group such as a (C|- Ce) alkyl, preferably a_(Ci - C3) alkyl group such as methyl, ethyl, or propyl; and A", A^ A\ A*, A^ X, W, n and Ar are defined as in formula (I*) and a process for the preparation thereof Detailed Description of the Invention Azotidinedione derivatives of the present invention have the general formula (I) 0) wherein, X represents O or S; the groups R", R^ R\ R* may be same or different and represent hydrogen, halogen, hydroxy, cyano, formyl, nitro; optionally substituted groups selected from alkyl, cycloatkyi, aikoxy, cycloalkyloxy, aiyl, aralkyl, heleroaryl. hetCToaralkyl, hetcrocyclyl, aryloxy, aralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycatbonyl, alkylamino, arylamino, amino, aminoalkyi, hydroxyalkyi, alkoxyalkyl, thioalkyl, alkylthio, acyi, acylamino, aryloxycarbonylamino, aralkoxycarbonylamino, alkoxycaibonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; W r^resents O, S or a group NR"; R* and R^ may be same or different and represent hydrogen; or optionally substituted alkyl, cycloalkyi, aryl, aralky). hefwocyclyl, heteroaryl, heteroaraJkyl, acyl, hydroxyalkyl, aminoalkyi, alkoxycarfwnyl, aryloxycaibonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, or thioalkyl groups; R^ represents hydrogen, hydroxy, or halogen atom or optionally substituted alkyl, aryl, heteroaryl, acyl, aikoxy, aralkyl, or aralkoxy; n is an integer ranging from I - 4; Ar r^rcsent an optionally substituted divalent aromatic or heterocyclic group; R" and R" may be same or different and individually represents hydrogen atom, halogen, hydroxy, lower alkyl, optionally substituted aralkyl group or together form a bond ; and B represents an oxygen atom or a sulfiir atom. Suitable groups rqwesented by R", R^, R^, R* in the formula (I) may be selected from hydrogen, halogen atom such as fluorine, dilorinc, bromine, or iodine; hydroxy, cyano, formyl, nitfo; substituted or unsubstituted (Ci-C\i)alkyl group, especially, linear or branched (Ci-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyl, iso-butyl, t-butyl, n-p«ityl, isopentyl, hexyl and the like; cycloalkyi group such as cyclopropyl, cyclobutyl, cyclopcnlyl, cyclohexyl and the like, cycloalkyi group may be substituted; cycloalkyloxy group such as cyclopropyloxy, cyclobutyloxy, cyclopcntyloxy, cyclohexyloxy and the like, cycloalkyloxy group may he substit«ted; aryl group siich as phenyl or naphthyl, the aiyl group may be substituted; aralkyl such as benzyl or phenethyl, the aralkyl group may be substituted; hetcroaryl group such as pyridyl, thienyl, fiiryl, pyirolyl, oxazolyl, thiazoiyi, imidazolyl, oxadiazolyl, letrazolyl, benzopyranyl, benzoiuranyl and the like, the heteroaiyl group may be substituted; heteroatalkyi wherein the heteroaryl moiety is as defined earlier and is attached to (Cr - C3) alkylene group such as furanmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl, and the like, the heteroaralkyi group may be substituted; heterocyclyl groups such as aziridinyl, pyrrolidinyl, morpholinyl. piperidinyl, piperazinyl and the like, the heterocyclyl group may be substituted; aryloxy such as phenoxy, naphthyloxy, the aryloxy group may be substituted; aralkoxy group such as boizyloxy, phenethyloxy and the like, the aralkoxy group may be substituted; alkoxycarbonyl such as methoxycarijonyl or ethoxycarbonyl, the alkoxycarbonyl group may be substituted; aryloxycarbonyl group such as optionally substituted phenoxycaibonyl or naphthyloxycarbonyl; substituted or unsubstituted aralkoxycarfoonyl wherein the aryl moiety is phenyl or naphthyl, such as benzyloxycaibonyl, phenethyloxycartxmyl, naphthylm^yloxycaibonyl and the like; linear or branched (Ci - C^) alkylamino; arylamitio group such as HNC^Hs; -NCHjQHs, -NHCftH4-CH3, -NHC6H4-halo and the like, amino group; amino(Ci-C6)alkyl; hydroxy(Ci-C6)alkyl; (C|-C6)alkoxy; alkoxyalkyl such as methoxymethyl, ethoxymethyl, methoxyethyl and the like; thio(C|-C6)alkyl; (CrC6)alkylthio; acyl grovp such as acetyl, propionyl or benzoyl, the acyl group may be substituted; acylamino groups such as NHCOCH3, NHCOC2H5, NHCOCjH?, NHCOCfiHs, aralkoxycarbonylamino group such as NHCOOCH2C6HS -NHCOOCH2CH2C6H5, -NCH3COOCH2C6H3.-NC2H3COOCH2C6H3.-NHCOOCH2C6H4CH3,-NHCOOCH2C6H40CH3 and the like, alkoxycarbonylamino group such as NHCX)OC2H5, NHCOOCH3 and the like; aryloxycarbonylamino group such as NHCOOCftHs, -NCH3COOC6H3, -NC2H5COOC6H5. -NHCOOC6H4CH3, -NHCC)OC6H40CH3 and the like; carboxylic acid or its derivatives such as amides, like CONH2, CONHMe, CONMez, CONHEt, CONEtj, CONHPh and the like, the carboxylic acid derivatives may be substituted; acyloxy ^oup such as MeCOO, EtCOO, PhCOO 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. The alkoxy, alkylamino, arylamino, amino, aminoalkyl, hydroxyalkyi, alkoxyalkyl, thioalkyl, alkylthio, acylamino, aryloxycarbonylamino, aralkoxycarbonylamino, and alkoxycarbonylamino groups may also be substituted. When the groups represented by R", R^ R\ R* are substituted, the substituents may be selected from halogen, hydroxy, cyano, or nitro or optionally substituted groups selected from alkyl, cycloalkyi, alkoxy, cycloalkoxy, aryl, aralkyl, heterocyclyl, heteroaryl, heleroaralkyl, acyl, acyloxy, hydroxyalkyi, amino, acylamino, arylamino, aminoalkyl, aryloxy, alkoxycarbonyl, alkylamino such as NHCH3, N(CH3)2, NCH3(C2Hj), NHC2H5 and the like; alkoxyalkyl such as methoxymelhyl, ethoxymethyl, melhoxyethyl and the like; alkylthio, thioalkyl, afkocycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. These groups are as defined above for R" - R^. It is preferred that R" - R"* represent hydrogen; halogen atom such as fluorine, chlorine, bromine; alkyl group such as methyl, ethyl, isopropyl, n-propyl, n-butyl; and the like which may be halogenated; optionally halogenated groups selected from cycloalkyi group such as cyclopropyl; aryl group such as phenyl; aralkyl group such as benzyl; (C|-C3)alkoxy, aryloxy group such as benzyloxy, hydroxy group, acyi or acyloxy groups. Acyl and acyloxy groups are as defined above. Suitable R* and R" are selected from hydrogen, substituted or unsubstituted (Ct-Ci2)alkyl group, especially, linear or branched (C|-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyl^ iso-butyl, t-butyl, n-pentyl, isopentyl, hexyl and the like; substituted or unsubstituted cycloalkyi group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl and the like; aryl group such as phenyl or naphthyl, the aryl group may be substituted; aralkyl group such as benzyl or phenethyl, the aralkyl group may be substituted; heteroaryl group such as pyridyl, thienyl, furyl and the like, the heteroaryl group may be substituted; substituted or unsubstituted heterocyclyl such as aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl and the like; substituted or unsubstituted heleroaralkyl such as pyridylmethyl, furanmethyl, oxazolemethyl, pxazolethyl and the like; substituted or unsubstituted alkoxyalkyl such as methoxymelhyl, ethoxymethyl, ethoxyethyl, melhoxyelhyl and the like; substituted or unsubstituted alkylthio such as SCH3, SCjHs, SC3H7 and the like; substituted or imsubstituted alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl; aryloxycarbonyl group such as optionally substituted phenoxycarbonyl or naphthyloxycarbonyl; substituted or unsubstituted aralkoxycarbonyl group such as bcnzyloxycarbonyl, napthylmethoxycarbonyl; amino(Ci-C6)alkyI; hydroxy(CrC6)alkyl; (liio(CrC6)alkyl; and acyl group such as acetyl, propionyl or benzoyl. The acyl, aminoalkyl, hydroxyalkyl and thioalkyl groups may be substituted. When (he groups represented by R^ R" are substituted, the preferred substituents are halogen such as fluorine, chlorine; hydroxy, acyl, acyloxy and amino groups. The acyl and acyloxy groups are as defined above. Suitable R* may be hydrogen, halogen, hydroxy or optionally substituted (Ci-Q)alkyl group which may be linear or branched, aryl, heteroaryl, (Ci-C6)alkoxy, aralkyi, aralkoxy, or acyl groups. R" may be substituted by hydroxy, halogen, linear or branched (Cj-Ce) alkyl group, acyl or acyloxy group. These groups are as defined above. n is an integer ranging from I - 4. It is preferred that n be I or 2. It is preferred that the group represented by Ar be substituted or unsubstituted groups selected from divalent phenylene, naphthylene, pyridyl, quinolinyl, benzofuryl, dihydrobenzofuryl, benzopyranyl, indolyl, indoUnyl, awundolyl, azaindolinyl, pyrazolyi, benzothiazolyl, benzoxazolyl and the like. The substituents on the group represented by Ar may be selected from linear or branched (Ct-C6)alkyl, (Ci-C3)alkoxy, halogen, acyl, amino, acylamino, thio or carboxylic or sulfonic acids and their derivatives. It is more preferred that Ar represents substituted or unsubstituted diyalent phenylene, naphthylene, benzofuryl, indolyl, indolinyl, quinolinyl, azaindolyl, azaindolinyl, benzothiazolyl or benzoxazolyl. It is still more preferred that Ar represents divalent phenylene or naphthylene, which may be optionally substituted by methyl, halomethyi, methoxy or halomethoxy groups. Suitable R" includes hydrogen, hydroxy, lower alkyl group such as (C|-C6)alkyl such as methyl, ethyl or propyl and the like; substituted or unsubstituted aralkyi group such as benzyl, phenethyi CH:C6H4-Halo, CH2C6H4-OCH3, CH2C6H4CH3, CH2CH2C6H4CH3 and the like; 7 S halogen atom such as fluorine, chlorine, bromine or Iodine; or R together with R represents a bond. It is preferred that R" represents hydrogen or a bond together with R^. Suitable R* represents hydrogen, hydroxy, lower alkyl group such as (C|-C6)alkyl such as methyl, ethyl or propyl and the like; substituted or unsubstituted aralkyl group such as benzyl, phenelhyi, CH2C6H4-Halo, CHjCfiH^-OCHj, CHjCeH^CHj, CH2CH2C6H4CH3 and the like; halogen atom such as fluorine, chlorine, bromine or iodine; or together with R" forms a bond. When R" or R* is lower alkyl, the lower alkyl may be substituted by groups such as halogen, methyl or 0x0 group. Suitable B group includes a hetero atom selected from O or S. Suitable ring structure comprising B include 2,4-dioxooxazolidinyl, 2,4-dioxothiazolidinyl groups. It is more preferred that the ring structure comprising B is a 2,4-dioxothiazoiidinyI group. The groups represented by R" - R" and any substituents on these groups may be defined as disclosed anywhere in the specification." Azolidinedione derivatives of the present invention have the general formula (!") X -i-(CH2)fr-0-Ar ,w A** (!■) where, X represents O or S; the groups A\ A^, A", A* may be same or different and represent hydrogen, halogen, hydroxy, cyano, formyl, nitro; optionally substituted groups selected from alkyl, cycloalkyi, alkoxy, cycloalkyloxy, aryl, aralkyl, heteroaryl, heteroaralkyi, heterocyclyl, aryloxy, andkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, arylamino, amino, alkylamino, aminoalkyl, hydroxyalkyi, alkoxyalkyl, thioalkyl, alkylthio, acyl, acylamino, aryloxycarbonylamino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; "—-" represents a bond or no bond; W represents oxygen atom or nitrogen atom, with (he provision that when W represents nitrogen atom,"—" represents a bond and when W represents a oxygen atom "-—" represents no bond; when A* is present on a carbon atom, it represents hydrogen, hydroxy, halogen, nitro, cyano fomiyl, optionally substituted groups selected from amino, alkyl, cycloalkoxy, cycloalkyi. acylamino, aryl, aralkyi, heterocyclyl, heteroaryl, hetcroaralkyl, acyl, hydroxyalkyl, aminoalkyi, alkoxy, aryloxy, aralkoxy, acyloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyatkyl, alkylthio, thioalkyi, alkylamino, arylamino, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid and its derivatives, sulfonic acid and its derivatives; when A^ is present on a nitrogen atom, it represents hydrogen, optionally substituted groups selected from alkyl, cycloalkyi, aryl, aralkyi, heterocyclyl, heteroaryl, hetcroaralkyl, acyl, hydroxyalkyl, aminoalkyi, alkoxy, aryloxy, aralkoxy, acyloxy, alkoxycarljonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, thioalkyi, carijoxylic acid derivatives, or sulfonic acid derivatives; n is an integer ranging from I - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group; A^ and A" may be same or different and individually represent hydrogen atom, hydroxy, halogen, lower alkyl group, optionally substituted aralkyi group or together form a bond ; B represents an oxygen atom or a sulfur atom. Suitable groups represented by A", A^, A", A^ may be selected from hydrogen, halogen atom such as fluorine, chlorine, bromine, or iodine; hydroxy, cyano, formyl, nitro; substituted or unsubstituted (Ci-Ci2)alkyl group, especially, linear or branched (C|-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyi, iso-butyl, t-butyl, n-pentyl, isopentyl, hexyl and the like; cycloalkyi group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl and the like, the cycloalkyi group may be substituted; cycloalkyloxy group such as cyclopropyloxy, cyclobutyloxy, cyclopentyloxy, cyciohexyloxy and the like, the cycloalkoxy group may be substituted; aryl group such as phenyl or naphthyl, the aryl group may be substituted; aralkyi sucli as benzyl or phenethyl, the aralkyi group may be substituted; heteroaryl group such as pyridyl, thienyl, furyl, pyirolyl, oxazolyl, thiazolyl, imidazolyl, oxadiazolyl, tetrazolyl, bcnzopyranyl, benzofuranyl and the like, the heteroaryl group may be substituted; hetcroaralkyl whereiH the hetwoaryl moiety is as defined earlier and is attached to (Ci - Cj) alkylene moiety such as furanmethyl, pyridlnemethyl, oxazolemethyl, oxazolethyl and the like; heterocyclyl groups such as aziridinyl, pyrrolidinyl, morphoUnyl, piperidinyl, piperazinyl and the like, the heterocyclyl group may be substituted; aryloxy such as phenoxy, naphthyloxy, the aryloxy group may be substituted; aralkoxy group such as benzyloxy, phenethyloxy and the like, the aralkoxy group may be substituted; alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl, the alkoxycarbonyl group may be substituted; aryloxycarbonyl group such as phenoxycarbonyl or naphthyloxy carbonyl, (he aryJoxycarbonyl group may be substituted; araikoxycarbonyt wherein the aryl moiety is phenyl or naphthyl; aralkoxycarbonyl group such as benzyloxycarbonyl, plienethyloxycarbonyl, napththylmethyloxycarbonyl and the like, the aralkoxycarbonyl group may be substituted; linear or branched (C|-C6)alkylamino, the alkylamino group may be substiluted; arylamino group such as HNQHs, NCH3C6H5,-NHC6H4-CH3,-NHQH4-halo and the like, the arylamino group may be substituted; amino group; amino(C|-C6)alkyl group, the aminoalky! group may be substituted; hydroxy(Ci-C6)alkyl group, the hydroxyalkyi group may be subslituted; (C(-C6)aJkoxy group, the alkoxy group may be substituted; alkoxyaikyJ such as methoxymethyl, ethoxymethyl, methoxyethyl and the like; thio(CrC6)alkyl group, thioalkyl group may be substituted; (C|-C6)aIkylthio group, the alkylthio group may be substituted; acyl group such as acetyl, propionyl or benzoyl, the acyl group may be substituted; acylamino group such as NHCOCHj, NHCOC2H5, NHCOC3H7, NHCOCeHj, the acylamino group may be substituted, aryloxycarbonylamino group such as NHCOOCeHj, -NCHjCOOCeHj, - NC2H5COOC6H5,-NHCOOC6H4CH3.-NHCOOC6H40CH3 and the like, the aryloxycarbonylamino may be substituted, araJkoxycartronylamino group such as NHCOOCHzCfiHs, -NHCOOCH2CH2C6HS, -NCH3COOCH2C6H5, -NCiHsCOOCHjCeHs, -NHCOOCHjCftHiCHj, -NHCOOCH2C6H4OCH3 and the like, aralkoxycarbonyl amino may be substituted; alkoxycarbonyl amino group such as, NHCOOC2H5, NHCOOCHs and the like, alkoxycarbonyl group may be substituted; carboxylic acid or its derivatives such as amides, like CONH2, CONHMe, CONMej, CONHEt, CONEt^, CONHPh and the like, the carboxylic acid derivatives may be substituted; acyloxy group such as MeCOO, EtCOO, PhCOO and the like, the acyloxy 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 A", A^ A\ A^ are substituted, the substituents may be selected from halogen, hydroxy, cyano or nitro or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycIoaJkoxy, aiyl, aralkyl, heterocyclyl, heteroajyl, beteroaralkyl, acyl, acyloxy, hydroxyalkyi, amino, acylamino, arylamino, aminoalkyl, aryloxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives . The substituents are as defined above. It is preferred that A" - A^ represent hydrogen, halogen atom such as fluorine, chlorine, bromine; alkyl group such as melhyl, ethyl, isopropyl, n-propyl, n-butyl and the like which may be" halogenated; optionally halogenated groups selected from cycloalkyl group such as cyclopropyl; aryl group such as phenyl; aralkyl group such as benzyl; (Ci-C3)alkoxy, aryloxy group such as benzyloxy, hydroxy group, acyl or acyloxy groups. Acyl and acyloxy groups are as defined above. When A* is attached to carbon atom, suitable groups represented by A" are selected from hydrogen, halogen atom such as fluorine, chlorine, bromine, or iodine; hydroxy, nttro, formyl, cyano; substituted or unsubstituted (Ci-C[2)alkyl group, especially, linear or branched (Cl-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyl, iso-butyl, t-bulyl and the like; cycloalkyl group such as cyclopropyl, cyclobutyl, cyclopentyl, cyclohexyl and the like, the cycloalkyl group may be substituted; cycloalkyloxy group such as cyclopropyloxy, cyclobutyloxy, cyclopentyloxy, cyclohexyloxy and the like, the qycloalkoxy group may be" substituted; ary! group such as phenyl or niqihlhyl, the aryl group may be substituted; aralkyl such as benzyl or phenethyl, the aralkyl group may be substituted; heteroaryl group such as pyridyl, thienyl, fiiryl, pyrrolyl, oxazolyl, thiazotyl, oxadiazolyl, tetrazolyl, benzopjn-anyl, benzofuranyl and the like, the heteroaryl group may be substituted; heteroaralkyl group such as fiiranmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like; heterocyclyl groups such as aziridinyl, pyrrolidinyl, morpholjnyl, piperidinyl and the like, the heterocyclyl group may be substituted; (C\-C6)alkoxy group such as methoxy, ethoxy, ptopoxy and the like, the alkoxy group may be substituted; aryloxy such as phenoxy, naphthyloxy, the aryloxy group may be substituted; aralkoxy group such as benzyloxy, phenethytoxy and the like; alkoxyalkyl group such as melhoxymethyl, methoxyethyl, ethoxymethyl, ethoxyethyl and the like; alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl; aryloxycarbonyl group such as optionally substituted phenoxycarbonyl; aratkoxycarbonyl wherein the aralkyl moiety is as defined earlier; arylaniino group such as HNC^Hj, -NCHjCfcHs, -NHC6H4-CH3.-HNC6H4-hato and the like; amino group; alkylamino group such as methylamino, ethylamino, propylamino and the like; amino(Ci-C6)alkyl; hydroxy(Ci-C6)alkyl; thio(Ci-C6)alkyI; (Ci-C6)alkyIthio; acyl group such as acetyl, propionyl or benzoyl, the acyl group may be substituted; acylamino groups such as NHCOCH3, NHCOC2H5, NHCOC3H7, NHCOC6H5, aryloxycarbonylamino group such as NHCOOCeHs, -NCHjCOOCeHs, -NCjHjCOOCsHj, -NHCOOCeHtCH,, -NHCOOCeH^OCHj and the like; aralkoxycarbonylamino group such as NHCOOCHjCeHj, NHCOOCHzCHjCeHj, NCH3COOCH2C6H5, -NC2H3COOCH2C6H5, -NHCOOCHiCeRiCHj. -NHCOOCHjCsH^OCHj and the like; alkoxycarbonylamino group such as NHCOOC2H5, NHCOOCH3 and the like; cartoxylic acid or its derivatives such as amides, like C0NH2» CONHMc, CONMe2, CONHEt, C0NEt2, CONHPh and the like, the carboxylic acid derivatives may be substituted; acyloxy group such as OCOMe, OCOEt, OCOPh 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 A^ is attached to nitrogen atom, suitable groups represented by A^ are selected from hydrogen, substituted or unsubstituled Ci-Ci2)alkyl group, especially linear or branched (Ci-C6)alkyl group, such as methyl, ethyl, n-propyl, isopropyl, n-butyl, iso-bulyl, t-butyl groups and the like; cycloalkyl group such as cyclopropyl, cyciobutyl, cyclopentyl, cyclohcxyl and the like, the cycloalkyl group may be substituted; aryl group such as phenyl or naphthyl; aralkyl such as benzyl or phenethyl; heteroaryl group such as pyridyl, thienyl, furyl, pyirolyt, oxazolyl, thiazolyt, oxadiazolyl, tetrazolyl and the like; heteroaralkyl group such as furanmethyl, pyridinemethyl, oxazolemethyl, oxazolethyl and the like; heterocyclyl groups such as aziridinyl, pyrrolidinyi, morpholinyl, piperidinyl and the like; aryloxy such as phenoxy or naphthyloxy and the like; the aryloxy group may be substituted; (Ci-C6)alltoxy; aralkoxy group such as benzyloxy, phenethyloxy and the like; alkoxyalkyl group such as methoxym ethyl, methoxyethyl, ethoxymethyl, ethoxyethyl and the like; acyl group such as acetyl, propionyl, benzoyl, and the like; alkoxycarbonyl such as methoxycarbonyl or ethoxycarbonyl; aryloxycarbonyl group such as phenoxycarbonyl or naphthyloxycacbonyl; aralkoxycarbonyl wherein the aralkyl moiety is as defined earlier; amino(Cl-C6)alkyl; hydroxy(Ci-C6)aIkyl; (Ci-C6)aUcyhhio; thioCCi-C6)alkyl; cerboxylic acid derivatives such as amides, like CONH2, CONHMe, C0NMe2, CONHEt, C0NEt2. CONHPh and the Uke, the cwboxylic acid derivatives may be substituted; acyloxy group such as OCOMe, OCOEt, OCOPh 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. All the groups that may represent A^ may be substituted or unsubstituted. When the groups represented by A^ are substituted, the substituents selected are from Uie same groups as those groups that represent A" attached to carbon atom and may be selected from halogen, hydroxy, cyano, formyl or nitro, or optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cyclo^oxy, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyi, aryloxy, aralkoxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. When the groups represented by A^ are substituted, preferred substituents are selected from halogen such as fluorine, chlorine; hydroxy, acyl, acyloxy, amino, alkyl, aralkyl, aryl, alkoxy, aralkoxy groups. The substituents are defined as above. n is an integer ranging from 1 - 4. It is preferred that n be 1 or 2. It is preferred that the group represented by Ar be substituted or unsubstituted groups selected from divalent phenyiene, naphthylraie, pyridyl, quinoUnyl, benzofijryl, dihydrobenzofiiryl, benzopyranyl, indolyl, indolinyl, azaindolyl, azaindolinylj pyrazolyl, benzothiazolyl, benzoxazolyl and the like. The substituents on the group representeci by Ar may be selected from linear or branched (C|-C6)alkyl, (CrC3)alkoxy, halogen, a?yl, amino, acylamino, thio, or carboxylic or sulfonic acids or their derivatives. It is more preferred that Ar represents substituted or imsubstituted divalent phenyiene, naphthylene, benzofuryl, indolyl, indolinyl, quinolinyl, azaindolyl, azaindolinyl, benzothiazolyl or benzoxazolyl. It is still more preferred that Ar is represented by divalent phenylene or naphthylenc, which may be oplionally substituted by methyl, halomethy/, methoxy or haJomethoxy groups. Suitable A^ includes hydrogen, hydroxy, tower alkyl group such as (C)-C6)alkyl such as methyl, ethyl or propyl and the like; substituted or unsubstituted aralkyl group such as benzyl, phenethyl CHiCsH^-Haio, CH2C6H4-OCH3, CH2C6H4CH3. CH2CH2C6H4CH3 and the like; halogen atom such as fluorine, chlorine, bromine or iodine; or A* together with A" represents a bond. It is preferred that A* represents hydrogen or a bond together with A". Suitable A may be a hydrogen, hydroxy, lower alkyl group such as (CrC6)a1kyl such as methyl, ethyl or propyl and the like; substituted or unsubstituted aralkyl group such as benzyl, phenethyl CHzCeH^-Halo, CH2C6H4-OCHi, CH2C6H4CH}, CH2CH2C6H4CH3 and (he (ike; halogen atom such as fluorine, chlorine, bromine or iodine; or together with A* forms a bond. When A^ or A" is lower alkyl, the lower alkyl may be substituted by groups such as halogen, methyl or 0x0 group. Suitable B group includes a hetero atom selected from O or S. Suitable ring structure comprising B include 2,4-dioxooxazolidinyl, or 2,4-dioxothiazolidinyl. It is more preferred that the ring structure comprising B is a 2,4-dioxothiazolidtnyl group. The groups represented by A" - A^ and any substituent on these groups may be defined as disclosed anywhere in the specification." Pharmaceutically acceptable salts forming part of this invention include salts of the azolidinedione 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 and the like, ammonium or substituted ammonium salts, salts of caiboxy group wherever appropriate, such as aluminum, alkali metal salts; alkaline earth metal sails, ammonium or substituted ammonium salts. Salts may include acid addition salts which are, sulphates, nitrates, phosphates, perchlorates, borates, hydrohalides, acetates, tartrates, maleates, citrates, succinates, palmoates, methanesulfonates, benzoates, salicylates, hydroxynaphthoates, benzenesulfonates. ascorbates, glycerophosphates, ketoglutarates and the like. Pharmaceutical ly acceptable solvates may be hydrates or comprising other solvents of crystallization such as alcohols. Particularly useful compounds according to the present invention include : (+) 5-[4-[[4-Oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl3methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts (+) 5-[4-[[4-Oxo-3,4-drhydro-(2H)-l,3-ben20xazine-2-yl]methoxy]phenyl m ethyl ]thiazolidin-2,4-dione and its salts (-) 5-[4-[[4-Oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]lhiazolidin-2,4-dione and its salts (+) 5-[4-([3-Melhyl-4-oxo-3,4-dihydro-(2H)-1,3-benzoxazine-2-yl]methoxy]phenyl methyl] thiazolidtn"2,4-dione and its salts (-*-)5-(4-lt3-Methyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyJ methyl] thtazolidin-2,4"dione and its salts (-) S-[4-{[3-Methyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl] thiazolidin-2,4HJione and its salts (+) 5-[4-[[3-Ethyl-4-oxo-3,4-dihydro-(2H)-l ,3-benzoxa2ine-2-yl]methoxy]phenyl metliyl] thiazolidin-2,4-dione and its salts (+)5-[4-[t3-Ethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (_)5.[4-[[3-Eth)j-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyI methyl] thiazolidin-2,4-dione and its salts (+) 5-[4-[2,3-Dimelhyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (+) 5-t4-[2,3-Dimethyt-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methDxy]phenyl methyl] thiazolidin-2,4-dione and its salts (,) 5-[4-[2.3-Dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yI]methoxy]phenyl methyl] lhia2olidin-2,4-dione and its salts 5-[4-[[l,3-Dimethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy] phenyl methylene] {hiazolidin-2,4-dione and its salts ,S-[4-[[3-Mcthyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methylene] lhJa7,olJdir)-2,4,dione and its sails (+) 5-[4-[[l,3-Dimethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy] phenyl methyl] thiazolidin-2,4-dione and its salts (+) 5-[4-[[l,3-Dimethyl-4-oxo-l,2,3,4-letrahydro-2-quinazolinyI]methoxy] phenyl methyl] thiazolidin-2,4-dione and its salts (-) 5-[4-[[1.3-Dimethyl-4-oxo-l,2,3,4-te(rahydro-2-quinazolinyl]methoxy] phenyl methyl] thiazolidin-2,4-dione and its salts (D 5-{4-[[3-MethyI-4-oxo-I,2,3,4-telrahydro-2-quinazolinyl]mcthoxy]phenyl methyl] lhiazolidin-2,4-dione and its salts (+) 5-[4-[[3-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl] tbiazoltdtn-2,4-dione and its salts (-) 5-[4-[[3-Methyl-4-oxo-!,2,3,4-tetrahydro-2-quinazo!inyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its sails (+) 5-[4-[p-E(hyl-l-methyi-4-oxo-l,2,3,4-tctrahydro-2-quinazolinyl]methoxy]phenyI methyl] thiazolidin-2,4-dione and its salts (+) 5-[4-[[3-Ethyl-1 -methyl-4-oxo-l ,2,3,4-telrahydro-2-quinazolinyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and Its salts (-) 5-[4-t[3-Ethyl-l-methyl-4-oxo-!,2,3,4-letrahydro-2-quinazolinyI]methoxy]phenyl methyl] thiazotidin-2,4-dione and its salts (+) 5-[4-[[l-Melhyl-4-oxo-t,2,3,4-tetrahydro-2-qiiinazolinyl]methoxy]phenyl methyl] thiazolidin-2,4-sJione and its salts (4) 5-[4-[[ 1 -Methyl-4-oxo-l,2,3.4-tetrahydro-2-quinazolinyl]methoxy]phenyI methyl] thiazolidin-2,4-dione and its salts (-) 5-[4-[[l -Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyt]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (+)5-[4-[[4-Oxo-l,2,3,4-tetrahydro-2-quinazoIinyi]methoxy]phenylmethyl]thiazolidin-2,4- dione and its salts (+) 5-[4-[[4-Oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phaiylmethyI]thiazolidin-2,4- dionc and its salts f-)5-[4-[[4-Oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyt methyl]thiazolidin-2,4- diojieand ils salts (+) 5-[4-[[l,3-Diethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazoHnyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts f+) 5-[4-[[l ,3-Diethy!-4-oxo-l,2,3,4-tetrahydro-2-quina2olinyI]methoxy]phenyl methyl] thiazolidin-2,4~dtone and its salts (-)5-[4-[n,3-Dielhyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (+) 5-[4-[f;i-Ethyl-3-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl] thiazoUdm-2,4-dione and its salts (+) 5-[4-[[l-Ethyl-3-methyi-4-oxo-!,2,3,4-tetrahydro-2-quinazoHnyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (-) 5-[4-t[l-Ethyl-3-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazohnyI]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (+) 5-[4-[[ 1 -Ethyl-4-oxo-1,2,3,4-tetrahydro-2-quinazolinyl]methoxy3phenyl methyl] thiazolidin-2,4-dione and its salts (+)5-E4-[[l-EthyI-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts (-)5-[4-[[l-Ethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazoIinyl]methoxy}phenyl methyl] lhiazolidin"2,4-dione and its salts 5-[4-[2-[4-Methyl-l-oxo-I,2-dihydro-phthalazin-2-yl]ethoxy]phenyl methylene] lhiazolidin-2,4-dione and its salts 5-[4-[2-[l-Oxo-l,2-dihydro-phthalazin-2-yl]elhoxy]phenyl methylene]thiazolidin-2,4-dione and its salts 5-[4-[2-[4-EthyI-l-oxo-l,2-dihydro-phthalazin-2-yI]ethoxy]pheny! methylene]thiazolidin-2,4- dionc and its salts 5-[4-[2-[4-Phenyl-l-oxo-l,2-dihydro-phlhalazin-2-yl]ethoxy]phcnyl methylene"jthiazolidin-2,4- dione and its salts 5-[4-[[2-Melhyl-l-oxo-l,2-dihydro-phthalazin-4-yl]methoxy]phenyl methylene]thiazolidin-2,4- dione and its salts (+) 5-[4-[2-[4-Methyl-l-oxo-l,2-dihydro-phthalazin-2-yl]elhoxy]pbenyl methyl] thiazolidin-2,4- dionc and its salts (+) 5-[4-[2-[4-Methyl-l-oxo-l,2-dihydro-phthalazin-2-yI]ethoxy]phenyl methyl] (hiazoiidin-2,4- dione and its salts (-)"5-[4-[2-[4-MethyM-oxo-I,2-dihydro-phthalazin"2"yl]ethoxy]phenyI methyl] thiazoUdin-2,4- dione and its salts (+) 5-[4-[2-[l-Oxo-l,2-dihydro-phthalazin-2-yl]elhoxy]phenyI methy]]thtazoIidin-2,4-^lone and its salts {+) 5-[4-[2-[l-Oxo-l,2-dihydro-phthalazin-2-yI]ethoxy]phenyI methyl]thiazolidin-2,4-dione and its salts {-) 5-{4-[2-[l-Oxo-l,2-dihydro-phthalazin-2-yI]ethoxy]phenyl methyl]thiazolidin-2,4-dione and its salts (+) 5-[4-[2-f4-Ethyl-l-oxo-!,2-dihydro-phthalazin-2-yl]ethoxy]phenyI methyl]thiazolidin-2,4- dione and its salts (+) 5-[4-[2-[4-Ethyl-l-oxo-l,2-dihydro-phthalazin-2-yl]ethoxy}phenyl melhyl]thiazolidin-2,4- dione and its salts (-) 5-[4-{2-[4-EthyM-oxo-l,2-dihydro-phthaIazin-2-yl]ethoxy]phenyl methyl]thiazolidin-2,4- dione and its salts (+) 5-[4-[2-[4-Phenyi-l-oxo-l,2-dihydro-phthalazin-2-yf]ethoxy]phenyf methyf]lhiazolidin-2,4- dione and its salts (^) 5-[4-[2-[4-Phenyl-l-oxo-l,2-dihydro-phthalazin-2-yl]ethoxy]phenyl methyl]lhiazolidin-2,4- dione and its salts (-) 5-[4-[2-[4-Phenyl-I-oxo-I,2-dihydro-phthalazin-2-yI]ethoxy]phenyl methyl]thlazolidin-2.4- dionc and its salts (+) 5-[4-[[2-Methyl-1 -oxo-1,2-dihydro-phthalazin-4-yl]methoxy]phenyl methyl]thia2olidin-2,4- dione and its salts (+) 5-(4-[[2-MethyI-l-oxo-l,2-dihydro-phthalazin-4-yl]methoxy]phenyl methyl]thiazolidin-2,4- dionc and its salts (-) 5-[4-[[2-MethyI-l-oxo-l,2-dihydro-phthalazin-4-yl]methoxy]phenyl methyl]thiazolidin-2,4- dione and its salts 5-[4-[2-[4-Oxo-3,4-dihydro-lH-2,3-benzoxazin-3-yl]ethoxy]phenyl methylene] thiazol id in-2,4- dione and its salts (+) 5-[4-[2-[4-Oxo-3.4-dihydro-lH-2,3-benzoxazin-3-yI]ethoxy}phenyl methyl]thiazolidin-2,4-dione and its salts (+) 5-[4-[2-[4-Oxo-3,4-dihydro-lH-2,3-benzoxazin-3-yl]ethoxy]phenyl methyl]thiazoHdin-2,4- dione and its salts (-) 5-[4-[2-E4-Oxo-3,4-dihydro-lH-2,3-benzoxazin-3-yl]ethoxy]phenyl methyl]thiazolidin-2,4- dione and its salts 5-[4-[2-[4-Hydroxy-1 -oxo-1,2-dihydro-phthalazin-2-yl]ethoxy]pheny! methylene] thiazolidin-2,4-dione and its salts This invention also includes an intennediate of formula (III) X (III) (CH2)n—O—Ar-G wherein X represents O or S; the groups R", R^ R", R^ may be same or different and represent hydrogen, halogen, hydroxy, cyano, formyl, nitro; optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkyloxy, aryl, aralkyl, heteroaryl, heteroaralkyl, heterocyclyl, aryloxy, aralkoxy, alkoxycarbony!, aryloxycarbonyl, aralkoxycarbonyl, alkylamino, arylamino, amino, aminoalkyi, hydroxyalkyl, alkoxyalkyl, thioalkyl, alkylfhio, acyl, acylamino, aryloxycarlionylamino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; W represents O, S or a group NR"; R*^ and R" may be same or different and represent hydrogen or optionally substituted alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, hydroxyalkyl, aminoalkyi, alkoxycarbony 1, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, or thioalkyl groups; R" represents hydrogen, hydroxy or halogen or optionally substituted alkyl, aryl, heteroaryl, acyl, alkoxy, aralkyl, or aralkoxy; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group; G represents CHO, NO2, -NH; or -CH2CH{J)-C00R, where J represents a halogen atom and R represents H or lower alkyl group. According to a feature of the present invention, there is provided a process for the preparation of novel intermediate of the general formula (III) X (III) (CHa);;—O—Ar-G where R", R^ R\ R^, R^ R", X, W, n, and Ar are as defined earlier, G represents -CHO or -NO2 group which comprises, reacting a compound of the general formula (IV) (IV) R^ X R"\ fS R3^ R* ^W" "^(CHj)—OH wherein, R", R", R^, R^, R^, R^, X, W, and n are as defined earlier, with a compound of general formula (V) I_1—Ar-G (V) where L" is a halogen atom such as fluorine or chlorine, G is a CHO or a NO2 group and Ar is as defined earlier. The reaction of a compound of formula (IV) with a compound of formula (V) to produce a compound of formula (III) may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like or mixtures thereof 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 K2CO3, Na2C03, NaH and the like. Mixture of bases may be used 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. In another embodiment of the present Invention, the novel intermediate of general formula (III), where G is a CHO or NO2 group, can also be prepared by the reaction of compound of general formula (VI) (CH2)s-L^ (VI) where R", R^ R\ R\ R^ R^ X, W, and n are as defined earlier and L may be a halogen atom such as CI, Br, I or a leaving group such as methanesulfonate, trifluoromethanesulfonate, p-toluenesulfonate with a compound of general fomiula (VII) HO—Ar-G (VII) where G is a CHO or NOj group and Ar is as defined earlier. The reaction of a compound of formula (VI) with a compound of formula (VII) lo produce a compound of the formula (III) 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 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, NajCOs or NaH or mixtures thereof. The reaction temperature may range from 20 °C - 120 "C, preferably at a temperature in the range of 30 "C "- 100 °C. The duration of the reaction may range from 1 - 12 hours, preferably from 2 to 6 hours. Alternatively, a compound of general formula (III) can also be prepared by the reaction of compound of general formula (IV) defined earlier with a compound of general formula (VII) defined earlier. The reaction of compound of general fonnula (IV) with a compound of general formula (VII) may be carried out using suitable coupling agents such as dicyclohexyl urea, triBrylphosphioo/dialkylazadicarboxylate such as PPhj / DEAD and the like. The reaction may be carried out in the presence of solvents such as THF, DME, CHjCh, CHCI3, toluene, acetonitrile, carbontetrachloride and the like. The inert atmosphere may be maintained by using inert gases such as Nj, Ar, and 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 !00 "C, preferably at a "temperature In th» range of 20 "C to 80 "C. The duration of the reaction may range from 0.5 to 24 hours, preferably from 6 to 12 hours. According to a feature of the present invention, there is provided a novel intermediate of the general formula (III") X ^T^CHsfe-0-Ar-G ^ " where X represents O or S; the group A , A , A , A may be same or different and represent" hydrogen, halogen, hydroxy, cyano, formyl, nitro; optionally substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkyloxy, aryl, aralkyl, heteroaryl, heteroaralkyl, heterocyclyl, aryloxy, aralkoxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, arylamino, amino group, alkylamino, aminoalkyl, hydroxyalkyl, alkoxyalkyl, thioalkyl, alkylthio, acyl, acylamino, aryloxycarbonyl amino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; "—" represents a bond or no bond; W represents oxygen atom or nitrogen atom, with the provision that when W represents nitrogen atom; "—" represents a bond and when W represents a oxygen atom "—" represents no bond; when A" is present on carbon atom, it represents hydrogen, hydroxy, halogen, nitro, formyl, cyano, optionally substituted groups selected from amino, alkyl, cycloalkoxy, cycloalkyl, acylamino, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, hydroxyalkyl, aminoalkyl, alkoxy, aryloxy, aralkoxy, acyloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, tliioalkyl groups, alkylamino, arylamino, alkoxycarbonylamino, aryloxycarbonyl amino, aralkoxycarbonylamino, carboxylic acid and its derivatives, sulfonic acid and its derivatives; when A^ is present on a nitrogen atom, it represents hydrogen, optionally substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, hydroxyalkyl, aminoalkyl, alkoxy, aryloxy, aralkoxy, acyloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, thioalkyl groups. carboxylic acid derivatives, sulfonic acid derivatives; n is an integer ranging from I - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group; G represents -CHO, -NO2, -NH2 or -CH2CH(J)-COOR, where J represents halogen atom such as chlorine, bromine or iodine and R represents H or lower alkyl group. The lower alkyl group may be a (Ci - C6)aHcyl group, preferably a (Cj - C3)alkyl group such as methyl, ethyl or propyl. According to a feature of the present invention, there is provided a process for the preparation of novel intermediate of the genera! formula (III") (ni») where A", A^, A^, A^, A", X, W, n, and Ar are as defined earlier and G represents -CHO or -NO2 group which comprises : reacting a compound of the general formula (IV) X N (IV) -HcH2)fr-OH where A", A^, A\ A*, A^, X, W, and n are as defined earlier, with a compound of general formula (V) L^—Ar-G (V) where L" is a halogen atom such as fluorine or chlorine, G is a CHO or a NOi group and Ar is as defined cariier. The reaction of a compound of formula (IV) with a compound of formula (V) to produce a compound of formula (III") may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like or mixtures thereof. 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 K2CO3, NazCOi, NaH and the like. Mixture of bases may be used. The reaction temperature may range from 20 °C to 150 °C, preferably at a temperature in the range of 30 °C (o J 00 °C. The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 6 hours. In another embodiment of the present invention, the novel intermediate of general formula (11!"), where G is a CHO or NO? group, can also be prepared by the reaction of compound of general formula (V) A5 4-(CH2)„--L== (V") >w where A", A\ A\ A\ A^ X, W, and n are as defined earlier and L may be a halogen atom such as CI, Br, I or a leaving group such as methanesulfonate, trifluoromethanesulfonate, p-toluenesulfonate with a compound of general fonnufa (VII) HO—Ar-G (VII) where G is a CHO or NO2 group and Ar is as defined earlier. The reaction of a compound of formula (V) with a compound of formula (VII) to produce a compound of the formula (III") 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 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 KjCOj, NajCOj or NaH or mixtures thereof. The reaction temperature may range from 20 "C - 120 °C, preferably at a temperature in the range of 30 °C - 100 °C. The duration of the reaction may range from 1 - 12 hours, preferably from 2 to 6 hours. In yet another embodiment of the present invention, the novel intermediate of general formula (III"), where G is CHO or NOj group can also be prepared by the reaction of compound of general formula (VI") (vr) where A", A^ A^ A"*, A^ X and W are as defined earher, with (he compound of formula (VIF) L^—(CH2)ir-0—Ar-G (VII") where L^, n, Ar and G are as defined earlier. The reaction of a compound of formula (VI") with a compound of formula (VII") to produce a compound of the formula (III") 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 may be maintained by using inert gases such as Nj, Ar, or He. The reaction may be efiected in the presence of a base such as K2CO3, NajCOj or NaH or mixtures thereof The reaction temperature may range from 20 °C - 120 °C, preferably at a temperature in the range of 30 "C - 100 °C. The duration of the reaction may range from I - 48 hours, preferably from 2 to 24 hours. Alternatively, a compound of general fonnula (III*) can also be prepared by the reaction of compound of genera! formula (IV) defined earlier with a compound of general formula (VII) defined earlier. The reaction of compound of general formula (IV) with a compound of general formula (VII) may be carried out using suitable coupling agents such as dicyclohexyl urea, triarylphosphine/dialkylazadicarboxylate such as PPhj / DEAD and the like. The reaction may be carried out In the presence of solvents such as THF, DME, CHjCb, CHCI3, toluene, acetonitrile, carbontetrachloride and the hke. 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 "C. The duration of the reaction may range from 0.5 to 24 hours, preferably from 6 to 12 hours." The present invention provides a process for the preparation of novel azolidinedlone derivatives of general fonnula (I), their tautomeric forms, their stereoisomers, their polymorphs, their phamiaceutically acceptable salts and their pharmaceutical ly acceptable solvates wherein R", R^ R\ R*. R^ R*. X, W, n, Ar and B are as defined earlier and R" together with R* represent a bond which comprises; reacting the novel intermediate of the general formula (III) obtained above where G represents CHO group with 2,4-lhiazoIidinedione or 2,4-oxazolidinedione and removing the water formed during the reaction by conventional methods to yield a compound of general formula (VIII) X (CHj)ir-0—Ar O (VIII) V" where R", R^, R\ R"*, R^, R^, X, W, n, and Ar are as defined earlier and B represents sulfur or oxygen. The compound of general formula (VIII) represents a compound of general formula (I), wherein R and R together represent a bond and all other symbols are as defined earlier. The reaction of compound of the general formula (III) where G is a CHO group with 2,4-thiazolidinedione or 2,4-oxa2olidinedione, to yield compound of general formula (VIII), may be carried out neat in the presence of sodium acetate or in the presence of a solvent such as benzene, toluene, methoxyethanol or mixtures thereof The reaction temperature may range from 80 "C to 140 X depending upon the solvents employed and in the range from 80 *C to 180 "C when the reaction is carried out neat in the presence of sodium acetate. Suitable catalyst such as piperidinium acetate or benzoate, sodium acetate or mixtures of catalysts may also be employed. Sodium acetate can be used in the presence of solvent, but it is preferred that sodium acetate is used neat. The water produced in the reaction may be removed, for example, by using Dean Stark water separator or by using water absorbing agents like molecular seives. Oxazolidine-2-oxo-4-thione may be used instead of 2,4-flxazolidinedlone, wherein the thio group may be converted to oxo group by oxidation using agents such as hydrogen peroxide or peroxyacids like mCPBA. The compound of the general formula (VIII) obtained above is converted into its pharmaceulically acceptable salts, or its pharmaceuticaily acceptable solvates by conventional methods. The compound of the general formula (VIII) obtained in the manner described above is reduced by known methods to obtain the compound of general formula (IX). X (IX) wherein R", R^ R\ R\ R\ R^ X, W, n, Ar and B are as defined earlier. The compound of general formula (IX) represents a compound of general formula (I), wherein R" and R* represent hydrogen atoms and other symbols are as defined earlier. The reduction of compound of the formula (VIII) to yield a compound of the general formula (IX) may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, Pt/C, Raney nickel, 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 and the like or mixtures thereof. A pressure between atmospheric pressure and 80 psi may be employed. The catalyst may be 5 - JO % Pd/C and the amount of catalyst used may range from 50 - 300 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in methanol or sodium amalgam in methanol. The reaction may also be carried out wilh alkali metal borohydrides such as LiBH4, NaBH^, ICBH4 and the like in the presence of cobalt salt such as CoCb and ligands, preferably bidentaled ligands such as 2,2"-bipyridyI, I, 10-phenanlhroline, bisoximes and the like. The compound of the general formula (IX) obtained above is converted into its phannaceutically acceptable salts, or its pharmaceuticaily acceptable solvates by conventional methods. In yet another embodiment of the present invention, the compound of the general formula (I) can also be prepared by reacting a compound of the general formula (VI) defined above with a compound of general formula (X) HO—Ar --j-i O where R", R*, B and Ar are as defined earlier and R"^ is hydrogen or a nitrogen protecting group which is removed after the reaction. The reaction of compound of formula (VT) with compound of formula (X) to produce a compound of the formula (I) 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 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. The reaction temperature may range from 20 °C - 150 ^C, preferably at a temperature in the range of 30 °C - 80 °C. The duration of the reaction may range from 1-12 hours, preferably from 2 to 6 hours. Alternatively, compound of the general formula (I) can also be prepared by reacting a compound of general formula (IV) defined earlier with a compound of general formula (X) defined above.- The reaction of compound of general formula (IV) with a compound of general formula (X) 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, CHjCb, CHCI3, toluene, acetonitrile, carbontetrachloride 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 equivalaits. 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 "C. The duration of the reaction may range from 0.5 to 24 hours, preferably from 6 to 12 hours. In another embodiment of the present invention, the compound of general formula (I), where R", R^ R\ R"*, R", R*. X, W, n, and Ar are as defined earlier and R" and R* represent hydrogen atoms, B represents S can be prepared by the reaction of compound of general fomiula (XI) (CH2)s—O—Ar-CHg—CH—COOR X (XI) where R", R\ R\ R\ R^ R^ X, W, n, and Ar are as defined earlier, J is a halogen atom lik<. chlorine bromine or iodine and r is a lower alkyl group with thiourea followed by treatment an acid.> The reaction of compound of general formula (XI) with thiourea is normally carried out in the presence of alcoholic solvent such as methanol, ethanol, propanol, isobutanol, 2-methoxybutanol and the like or DMSO or sulfoiane. The reaction may be conducted at a temperature in the range between 20 °C and the reflux temperature of the solvent used. Bases such as NaOAc, KOAc, NaOMe, NaOEt and the like may be used. The reaction is normally followed by treatment with a mineral acid such as hydrochloric acid at 20 "C - 100 "C. The compound of general formula (XI) where all the symbols are as defined earlier can be prepared by the diazotization of the amino compound of the general formula (XII) (CH2)s—O—Ar-NH2 (XII) where all symbols are as defined earlier, using alkali metal nitrites followed by treatment with acrylic acid esters in the presence of hydrohalo acids and catalytic amount of copper oxide or copper iialide. The compound of general formula (XII) can in turn be prepared by the conventional reduction of the novel intermediate (HI) where G is NO2 group and other symbols are as defined earlier. In yet another embodiment of the present invention, the compound of general formula (I), can also be prepared by reacting (he compound of general formula (XTII) ,1 (XIH) where R, R , R , R , R , X, and W are as defined earlier, with a compound of general fonnula (XIV) (R""0)2CR5—(CH2)r-0—Ar—I ^ -O (xrv) where Ar, R^, R", R", B and n are as defined earlier, and R" may be a linear or branched (d-Cs) alky! group such as methyl, ethyl, propyl, isopropyl, t-butyl and the like. The reaction of compound of general formula (XIV) with compound of general formula (XlII) to produce a compound of general formula (I) may be carried out in neat or in the presence of solvents such as THF, CHCI3, benzene, toluene, hexane, dioxane and the like or mixture thereof. The reaction may be carried out at a temperature in the range of 0 "C to 250 "C preferably at a temperahire in the range of 10 ^C to 150 °C. The reaction may be carried out in the presence of an acid or a base. The selection of acid or base is not critical. The examples of such acids include H2SO4, HCl, pTsOH, PPE (polyphosphoric ethyl ester) and the like. Examples of bases include pyrrolidine, piperidine and the like. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N3, Ar or He. The duration of the reaction may range from 0.25 to 24 h preferably, from 1 to 12 h. In another embodiment of the present invention, there is provided a process for the preparation of novel intermediate of general formula (XIV) as defined above, where all the symbols are as defined earlier which comprises, reacting a compound of the general formula (XV) (R"0)2CR^—(CH2)„ L^ (XV) where all symbols are as defined earlier with a compound of general formula (X) where R", R*, B and Ar are as defined earlier and R is hydrogen or a nitrogen protecting group which is removed after the reaction. The reaction of compound of formula (XV) with compound of formula (X) to produce a compound of the formula (XIV) 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 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. 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 1-12 hours, preferably from 2 to 6 hours. In still another embodiment of the present invention, the compound of general formula (XIV) where R" and R^ represents hydrogen atom and all other symbols are as defined earlier can be prepared from the compound of general formula (XVI) (R"0)2Cft5—(CH2)—0—Ar-^ P (XVI) O where alt the symbols are as defined above, by reducing under known methods. The reduction of compound of the formula (XVI) to yield a compound of the general formula (XIV) may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, PtyC, and the like. Mixtures of catalysts may be usaJ. The reaction may also be conducted in the presence of solvents such as dioxane, acetic acid, ethyl acetate and the like. A pressure between atmospheric pressure and 80 psi may be employed. The catalyst may be 5 -10 % Pd/C and the amount of catalyst used may range from 50 - 200 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in methanol or sodium amalgam in methanol. The reaction may also be carried out with Raney Nickel in the presence of hydrogen gas or alkali metal borohydrides such as LiBH^, NaBH4, KBH4 and the like in the presence of cobalt salt such as CoClj and ligands, preferably bidentated ligands such as 2, 2"-bipyridyl, 1, 10-phenanthroline, bisoximes and the like. The present invention also provides a process for the preparation of novel intermediate of general formula (XVI) where all the symbols are as defined earlier, which comprises reacting the intermediate (XVII) (R" "0)2CR^—(CH2)„—O—Ar—G (XVII) where G represents CHO group, and all the symbols are as defined earlier, with 2,4-thiazolidinedione or 2,4-oxazolidinedione and removing the water formed during the reaction by conventional methods. The reaction between the compound of the general formula (XVII) where G is a CHO group with 2,4-thiazoIidinedione or 2,4-oxazolidinedione, to yield compound of general formula (XVI) wherein B represents a sulfur or an oxygen atom respectively, may be carried out neat in the presence of sodium acetate or in the presence of a solvent such as benzene, toluene, methoxyethanol or mixtures thereof The reaction temperature may range from 80 "C to 140 "C depending upon the solvents employed and in the range from 80 *C to 180 °C when the reaction is carried out neat in the presence of sodium acetate. Suitable catalyst such as piperidinium acetate or benzoate, sodium acetate or mixtures of catalysts may also be employed. Sodium acetate can be used in the presence of solvent, but it is preferred that sodium acetate is used neat. The water produced in the reaction may be removed, for example, by using Dean Stark water separator or by using water absorbing agents Uke molecular selves. Oxazolidine-2-oxo-4-thione may be used instead of 2,4-oxazolidinedione, wherein the thio group may be converted to 0x0 group by oxidation using agents such as hydrogen peroxide or peroxyacids like mCPBA. The compound of formula (XVII) is in turn prepared by reacting a compound of formula (XV) (R" "0)2CR-^CH2)„ L" (XV) where all symbols are as defined earlier and L" is a leaving group, with a compound of formula (VII) HO—Ar-G (VII) where G is a CHO group and Ar is as defined earlier. The reaction of a compound of fomiula (XV) with a compound of formula (VII) to produce a compound of the formula (XVII) 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 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, NaaCOj or NaH or mixtures thereof. The reaction temperature may range from 20 °C - 120 "C, preferably at a temperature in the range of 30 °C - 100 °C. The duration of the reaction may range from 1-12 hours, preferably from 2 to 6 hours. In another embodiment of the present invention the compound of formula (I) where R" and R together represent a bond and all other symbols are as defined earlier may be prepared by reacting a compound of general formuia (XVI) with a compound of general formula (XIII) using similar conditions as that followed for the reaction of compound of formula (XIII) with a compound of formula (XIV) as described earlier. In yet another embodiment of the present invention, the compound of general formula (I) where R" is hydrogen atom, W represents NH and all other symbols are as defined earlier can also be prepared by reducing the compound of general formula (XVIII) (disclosed in copending US application Nos. 08/777,627 and 08/884,816). X (CH2)n—O—Ar (XVIII) where R and R* represents hydrogen atom or together form a bond and all other symbols are as defined earlier. The reduction of compound of the formula (XVIII) to yield a compound of the general formula (I) may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, Pl/C and the like. Mixture of catalysts may be used. The reaction may also be carried out in the presence of solvents such as dioxane, acetic acid, ethyl acetate and the like. A pressure between atmospheric pressure and 80 psi may be employed. The catalyst may be 5-10 % Pd/C and the amount of catalyst used may range from 30-50 w/w. The duration of the reaction may range from 12 to 24 h and the temperature of the reaction may range from 25 "C to 80 °C. The compound of general formula (VI) defined earlier may be pr^ared from compound of general formula (IV) defined earlier using conventional organic transformations that one skilled in the art would use. The compound of general formula (VI) and of general formula (IV) defined eariier may be prepared by the reaction of compound of genera! formula (XIII) defined earlier with a compound of formula (XIX) (R" "0)2CR-5—(CH2)„ Z (XIX) where R", R^nd n are as defined earlier and Z represents hydroxy or a leaving group L" such as chloride, bromide, p-toluenesulfonate, methanesulfonate, trifluoromethanesulfonate and the like. The reaction of compound of (XIII) with a compound of formula (XIX) to yield a compound of formula (VI) or (IV) may be carried out using similar conditions described for the reaction of formula (XIII) with the compound of general formula (XIV). The present invention also provides a process for the preparation of novel azolidinedione derivatives of general formula (I"), their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts and their pharmaceutically acceptable solvates wherein A", A", A^, A*, A^, X, W, n, Ar and B are as defined earlier and A^ together with A" represent a bond which comprises; reacting the novel intermediate of the general formula (III") obtained above where G represents CHO group with 2,4-thiazolidinedione or 2,4-oxazolidinedione and removing the water formed during the reaction by conventional methods to yield a compound of general formula (VITI") f-(CH2)s-0—Ar-x 9 >W X f (viir) Y" O .1 A2 A3 A4 .5 where A, A , A , A , A , X, W, n, Ar are as defined earlier and B represents sulfur or oxygen. The reaction of the compound of t^e general formula (III") whera G is a CHO group with 2,4-thiazolidinedione or 2,4-oxazolidinedione, to yield compound of general formula (VlII*), wherein B represents a sulfur or an oxygen atom respectively, may be carried out neat in the presence of sodium acetate or in the presence of a solvent such as benzene, toluene, methoxyethanol or mixtures thereof. The reaction temperature may range from 80 °C to 140 °C depending upon the solvents employed and in the range from 80 °C to 180 °C when the reaction is carried out neat in the presence of sodium acetate. Suitable catalyst such as piperidinium acetate or benzoate, sodium acetate or mixtures of catalysts may also be employed. Sodium acetate can be used in the presence of solvent, but it is preferred that sodium acetate is used neat. The water produced in the reaction may be removed, for example, by using Dean Stark water separator or by using water absorbing agents like molecular seives. Oxazolidine-2-oxo-4-thione may be used instead of 2,4-oxa2olidinedione, wherein the tliio group may be converted to oxo group by oxidation using agents such as hydrogen peroxide or peroxyacids like mCPB A. The compound of the general formula (VIII") obtained above is converted into its pharmaceutical ly acceptable salts, or its pharmaceutical ly acceptable solvates by conventional methods. The compound of the general formula (VIII") obtained in the manner described above is reduced by known methods to obtain the compound of general formula (IX"). O , -(CH2)s-0—Ar (IX") Y" O wherein A", A^, A\ A*, A", X, W, n, Ar and B are as defined earlier. The compound of general formula (IX") represents the compound of general formula (!"), wherein A** and A" represents hydrogen atom and other symbols are as defined earlier. The reduction of compound of the formula (VIII") to yield a compound of the general formula (IX") may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, Pt/C, Raney Nickel, 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 and the like. A pressure between atmospheric pressure and 80 psi may be employed. The catalyst may be 5 - 10 % Pd/C and the amount of catalyst used may range from 50 - 300 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in methanol or sodium amalgam in methanol. The reaction may also be carried out with alkali metal borohydrides such as LiBH), NaBH4, KBH4 and the like in the presence of cobalt salt such as C0CI2 and ligands, preferably bidentated ligands such as 2, 2"-bipyridyl, 1,10-phenanthroline, bisoximes and the like. The compound of the general formula (IX") obtained above is converted into its pharmaceutically acceptable salts, or its pharmaceuticatly acceptable solvates by conventional methods. In yet another embodiment of the present invention, the compound of the general formula {!") can also be prepared by reacting a compound of the general formula (V) defined above with a compound of general formula (X") A^ HO "--M/ / \ ^"* Y where A , A^, B and Ar are as defined earlier and A* is hydrogen or a nitrogen protecting group which is removed after the reaction. The reaction of compound of formula (V) with compound of formula (X") to produce a compound of the formula (I*) 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 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 KjCOj, NajCOj or NaH or mixtures thereof. The reaction temperature may range from 20 °C - 150 °C, preferably at a temperature in the range of 30 °C - 80 °C. The duration of the reaction may range from 1-12 hours, preferably from 2 to 6 hours. Alternatively, compound of the general formula (I") can also be prepared by reacting a compound of general formula (IV) defined earlier with a compound of general formula (X") defined above. The reaction of compound of general formula (IV) with a compound of general formula (X") may be carried out using suitable coupling agents such as dicyclohexyl urea, triarylphosphine/dialkylazadicarboxylate such as PPhj / DEAD and the like. The reaction may be carried out in the presence of solvents such as THF, DME, CH2CI2, CHCI3, toluene, acetonitrile, carbontetrachloride 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 °C. The duration of the reaction may range from 0.5 to 24 hours, preferably firom 6 to 12 hours. Jn another embodiment of the present invention, the compound of general formula (!"), where A", A^, A\ A*, A^, X, W, n, Ar are as defined earlier and A* and A" represents hydrogen atom, B represents S can be prepared by the reaction of compound of general formula (XI") "A H -r-{CH2)s—O—Ar-CH,—CH- W I J -COOR (XI") where A", A^, A", A*, A^ X, W, n. Ar are as defined earlier, J is a halogen atom like chlorine, bromine or iodine and R is a lower alkyl group with thiourea followed by treatmoit with an acid. The reaction of compomid of genera) formula (XI") with thiourea is normally carried out in the presence of alcoholic solvent such as methanol, etiianol, propanol, isobutanol, 2-methoxybutano! and the like or DMSO or sulfolanc. The reaction may be conducted at a temperature in the raige between 20 "C smd the reflux temperature of the solvent used. Bases such as NaOAc, KOAc, NaOMe, NaOEt and the like may be used. The reaction is normally followed by treatment with a mineral acid such as hydrochloric acid at 20 "C - 100 °C. The compound of general fonnula (XI") where all the symbols are as defined earlier can be prq)ared by the diazotization of the amino compound of the general formula (XIV) -i—CCH2)s-0—Ar-NHz (xn-) where all symbols are as defined earlier, using alkali metal nitrites followed by treatment with acrylic acid esters in the presence of hydrohalo acids and catalytic amount of copper oxide or copper halide. The compound of general formula (XII") can in turn be prepared by the conventional reduction of the novel intermediate (III") where G is NO2 group and other symbols are as defined earlier. In still another embodiment of the present invention the compound of general formula (V) may be prepared by reacting a compound of general formula (VI") defined above with a compound of general formula (XIII*) L^—(CH5);vO-Ar (XIII") V o where L , n, Ar, A , A , B are as defined earlier and A" is hydrogen or a nitrogen protecting group which is removed after the reaction. The reaction of a compound of formula (VI") with a compound of formula (XIU") to produce a compound of the formula (IIP) 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 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, NajCOs or NaH or mixtures thereof The reaction temperature may range from 20 °C - 120 °C, preferably at a temperature in the range of 30 °C -"100 X. The duration of the reaction may range from 1 - 12 hours, prefer^ly from 2 to 6 hours. The pharmaceutical 1y acceptable salts are prepared by reacting the compounds of formula (1) and (I") 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, guanidine and their derivatives etc. may also be used. Alternatively, acid addition salts are 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, benzenosulfonic acid, tartaric acid and the like in solvents like ethyl acetate, ether. Icohols, acetone, THF, dioxane etc. Mixture of solvents may also be used. The term neat as used in this application ni«ms the reaction is carried out without the use of a solvent. 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 enantiomeric form or by resolving the mixture of stereoisomers by conventional methods. Some of the preferred methods include use of microbial resolution, resolving the diastcreomeric salts formed with chiral acids such as mandelic acid, camphorsulfonic acid, tartaric acid, lactic acid and the like or chiral bases such as brucine, cinchona alkaloids and their derivatives and the like. Various polymorphs of compounds of general formulae (I) and (I") forming part of this invention may be prepared by crystallization of compounds of formulae (1) and (f) under different conditions. For example, using different solvents conunonly used or their mixtures for recrystallization; 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. Tlie present invention also provides a pharmaceutical composition, containing the compounds of the general formulae (I) and (]"), as defined above, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates or mixtures thereof in combination with the usual pharmaceutically employed carriers, diluents and the like, useful for the treatment and / or prophylaxis of hyperlipidemia, hypercholesterolemia, hyperglycemia, osteoporosis, obesity, glucose intolerance, insulin resistance imd also diseases or conditions in which insulin resistance is the underlying pathophysiological mechanism such as type II diabetes, impaired glucose tolerance, dysltptdaemia, hyperteiKion, coronary heart disease and other cardiovascular disorders including atherosclerosis; insulin resistance associated with obesity and psoriasis, for treating diabetic complications and other diseases such as polycystic ovarian syndrome (PCOS), certain renal diseases including diabetic nephropathy, glomerulonephritis, glomerular sclerosis, nephrotic syndrome, hypertensive nephrosclerosis, end-stage renal diseases and microalbuminuria as well as certain eating disorders, as aldose reductase inhibitors and for improving cognitive functions in dementia. The pharmaceutical composition may be in (he 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, excipients, or solvents. A typical tablet production method is exemplified below : Tablet Production Example: a) I) Active ingredient 10 g 2) Lactose llOg 3) Com starch 35 g 4) Carboxymethyl cellulose 44 g 5) Magnesium stearate 1 g 200 g for 1000 tablets The ingredients 1 to 3 are uniformly blended with water and granulated after drying under reduced pressure. The ingredient 4 and 5 are mixed well with the granules and compresaed by tabletting machine to prepare 1000 tablets each containing 10 mg of active ingredient. b) 1) Active ingredient 10 g 2) Calcium phosphate 90 g 3) Lactose 50 g 4) Com starch 45 g 5) Polyvinyl pyrrolidone 3.5 g 6) Magnesium stearate 1.5 g 200 g for 1000 tablets The ingredients 1 to 4 are uniformly moistened with an aqueous solution of ingredient 5 and granulated after drying under reduced pressure. Ingredient 6 is added and granules are compressed by a tabletting machine to prepare 1000 tablets containing 10 mg of active ingredient 1. The compound of the formulae (1) and (I*) as defined above are clinically administered to mammals, including man, via either oral or parenteral routes. Administration by the oral route is preferred, being more convenient and avoiding Uie possible pain and irritation of injection. However, in circumstances where the patient cannot swallow the medication, or absoiption following oral administration is impaired, as by disease or other abnormality, it is essential (hat the drug be administered parenterally. By either route, the dosage is in the range of about 0.10 mg to about 200 mg / kg body weight of the subject per day or preferably about O.IO mg to about 30 mg / kg body wei^t per day administered singly or as a divided dose. However, the optimum dosage for the individual subject being treated will be determined by the person responsible for treatment, generally smaller doses being administered initially and thereafter increments made to determine the most suitable dosage. Suitable pharmaceutically acceptable carriers include solid fillers or diluents and sterile aqueous or organic solutions. The active compound will be present in such pharmaceutical compositions in the amounts sufficient to provide the desired dosage in the range as described above. Thus, for oral administration, the compounds can be combined with a suitable solid or liquid carrier or diluent to form capsules, tablets, powders, syrups, solutions, suspensions and the like. The pharmaceutical compositions, may, if desired, contain additional components such as flavourants, sweeteners, excipients and the like. For parenteral administration, the compounds can be combined with sterile aqueous or organic m«iia to form injectable solutions or suspensions.. For example, solutions in sesame or peanut oil, aqueous propylene glycol and the like can be used, as well as aqueous solutions of water-soluble pharmaceutically-acceptable acid addition salts or salts with base of the compounds. The injectable solutions prepared in this manner can then be administered intravenously, intraperitoneally, subcutaneously, or intramuscularly, with intramuscular administration being preferred in humans. The invention is explained in detail in the examples given below which are provided by way of illustration only and therefore should not be construed to limit the scope of the invention. Preparation 1 4-f|2-MethyI-4-oxo-3,4-dihydro-(2H)-I4-benzo]tBarfne-2-yIImethoKylnitrobcna!ene: O "NO2 Step A : Prepamtion of 4-{2-oxo-propoxy|ni(robenzene - To stirred suspension of KzCOj (50.0 g, 0.36 mol) in dry DMF (500 mL) was added 4-nitrophenoI (25.0 g, 0.18 mol) and stirred for 30 min at 25 °C. Chloroacetone (21.5 mL, 0.27 mol) was added to the reaction mixture and stirred for 24 h at 25- 30 "C. The reaction mixture was filtered through a buchner funnel. The filtrate was poured into water (500 mL) and extracted with ethyl acetate (3 x 300 mL). The combined organic layers were washed with brine, dried over anhydrous Na2S04 and concentrated. The crude compound was purified by column chromatography using EtOAc : Pet. ether (1 : 2) as eluent to yield the title compound (11.0 g, 31 %) as a colourless liquid. 1H NMR (CDCI3): 5 8.22 (d, J = 9.17 Hz, 2H), 6.95 (d, J = 9.17 Hz, 2H), 4.67 (s, 2H), 2.30 (s, 3H). Step B: To a stirred mixture of salicylamide (6.85 g, 50 mmol) and 4-[2-oxo-propyloxy3nitrobenzene (9.75 g, 50 mmol) in benzene (500 mL) was added piperidine (0.52 mL, 5 mmol). The reaction mixture was immersed in a pre-heated oil bath (- 100 OQ and refluxed for 10 h with continuous removal of water using Dean-Stark water separator. The reaction mixture was cooled to room temperature and the precipitated brown coloured solid was filtered, washed with benzene and dried to afford the title compound (13.5 g, 86 %). >H NMR (CDCI3) : 8 8.76 (bs, IH, D2O exchangeable), 8.14 (d, J = 9.20 Hz, 2H). 7.82 (d, J = 7.50 Hz. IH). 7.42 (t, J = 7.50 Hz. IH), 7.06 (t. J - 7.50 Hz. IH), 6.99 (d, J = 9.20 Hz, 2H). 6.88 (d, J = 7.50 Hz. IH), 4.30 (d, J = 10.33 Hz, iH). 4.14 (d, J = 10.33 Hz. IH). 1.72 (s. 3H). Preparation 2 4-(I2,3-DimefhyM-oxo-3,4-dlhydro-{2H)-! ^-benzoxazlne-2-ylJmethoxyI nitrobenzene : O -CH3 NO2 To a stirred mixture of 4-[[2-methyl-4-oxo-3,4-dihydro-(2H)-i,3-benzoxazine-2-yJ]methoxy]nitrobenzene (5.0 g. 15.9 mmol) obtained in preparation 1 and K2CO3 (6.6 g, 47.7 mmot) in acetone (60 mL) was added CH3I (9.9 mL, 159 mmol) and refluxed for 12 h. The reaction mixture was cooled to room temperature, filtered through buchner funnel to remove all the inorganic salts and acetone was removed at 40 °C. The residue was poured into water (50 mL) and extracted with ethyl acetate (3 x 50 mL). The organic extracts were washed with brine, dried over anhydrous Na2S04 and concentrated to afford the title compound (5.1 g, 98 %). ^H NMR (CDCI3) : 8 8.19 (d, i = 9.10 Hz, 2H), 7.94 (d. J = 7.50 Hz, IH), 7.42 (t. J = 7.50 Hz, IH), 7.1 \ (t. J = 7.50 Hz, IH), 6.95 (d, J = 9.10 Hz, 2H), 6.88 (d, i = 7.50 Hz, IH), 4.30 - 4.10 (m, 2H), 3.22 (s, 3H), 1.88 (s, 3H). Preparation 3 4-[12,3-Diniethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yllmethoxy|aniline: A solution of 4-[[2,3-dimethyl-4-oxo-3,4-dihydro-(2H)-I,3-benzoxazine-2-yl]methoxy] nitrobenzene (5.0 g, 15.2 nunol) obtained in preparation 2, in 1,4-dioxanc (100 mL) was reduced with hydrogen in the presence of 10 % palladium charcoal (500 mg) at 40 psi for 16 h. The reaction mixture was filtered through a bed of celite and washed with dioxane and evaporated to dryness under reduced pressure to yield the title compound (4,2 g, 93 %), mp ; 162 - 164 ^C. iH NMR (CDCI3) : 6 7.92 (d, J = 7.35 Hz, IH), 7.40 (t, J = 7.35 Hz, IH). 7.05 (t. J = 7.35 Hz, IH), 6.87 (d, J = 7.35 Hz, IH). 6.68 - 6.52 (m, 4H), 4.12 - 3.98 (m, 2H). 3.18 (s, 3H). 1.8 (s, 3H). Preparation 4 Etbyl 2-bromo-3-I4-|(2,3-dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yilmefhoxy] phenyllpropionate: O .CH3 CO2CH2OH3 To a stirred solution of 4-[[2,3-dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]aniHne (2.5 g, 8.4 mmol) obtained from preparation 3, in acetone (20 mL) was added aq HBr (6 mL, 33.6 mmol, 47 %) and stirred for 20 min at 0 - 10 "C. A solution of NaNOa (638 i mg, 9.24 mmol) in water (1.5 mL) was added slowly dropwise at 0 - 10 *^C and stirred further for 30 min at 0 - 15 **C. To the reaction mixture, ethyl acrylate (5.5 mL, 50.4 mmol) was added and allowed to wann to 30 °C. Catalytic amount of cuprous oxide (200 mg) was added in one portion and the reaction mixture was stirred further for 1 h at 30 °C. Acetone was ranoved under reduced pressure. The resultant residue was extracted with ethyl acetate (3 x 25 mL). The combined organic layers were washed with ethyl acetate (3 x 25 mL), dilute NH3 solution, water, followed by brine, dried over anhydrous Na2S04. The solvent was evaporated under reduced pressure and the residue was purified by flash chromatogr^hy using EtOAc : pet. ether (4 ; 6) as an eluent to yield the title compound (1.5 g, 39 %). 1H NMR (CDCI3) : ,5 7.95 (d, J = 7.50 Hz, IH), 7.41 (t, J = 7.50 Hz, IH), 7.09 (d, J = 8.30 Hz, 2H), 7.05 (d, J = 7.50 Hz, IH), 6.85 (d, J = 7.50 Hz, IH), 6.71 (d, J = 8.30 Hz, 2H), 4.29 (dd, J = 8.50, 7.05 Hz, IH), 4.23 - 4.02 (m, 4H), 3.38 (dd, J = 13.70, 7.05 Hz, IH), 3.20 (s, 3H). 3.15 (dd, J = 13.70, 8.50 Hz, IH). 1.88 (s. 3H), 1.22 (t, J = 7.30 Hz, 3H). Preparation 5 . 4-[(2,2-dletboxyJethoxy]benzaldehyde: OCH2CH3 CHaCHjC "CHO To a stirred suspension of sodium hydride (2.5 g, lOOmmoI, 98%) in DMF (100 mL) wasadded a solution of 4-hydroxy benzaldehyde (10.0 g, 82 mmol) in DMF (100 mL) slowly dropwise at 25 - 30 "C and stirred for 30 min at 25 - 30 °C. 2,2-diethoxy-l-bromoethane (19.7 g, 100 mmol) was added to the ;^action mucture. The reaction mixture was immersed in a preheated oil bath at 60 "C. and stirring was continued for 48 h at 60 "C. The reaction mixture was cooled to room temperature, quenched with water (200 mL) and extracted with ethyl acetate (3 x 300 mL), The combined organic layers were washed with brine, dried over anhydrous Na2S04 and concentrated. The crude compound was purified by column chromato^phy using EtOAc : pet. ether (1 :2) as eluent to yield the title compoimd (12.65 g, 58 %) as a brown coloured liquid. 1H NMR (CDCI3) : 8 9.88 (s, IH), 7.82 (d, J = 8.63 Hz, 2H), 7.02 (d, J = 8.63 Hz, 2H), 4.85 (t. J = 5.17 Hz, IH), 4.08 (d, J = 7.17 Hz, 2H), 3.88 - 3.50 (m, 4H), 1.24 (t, J = 7.03 Hz. 6H). Example 1 5-|4-[(2,2-Dlethoxy)ethoxy] phenyl methylene) thiazolidin-2,4HlioDe : CH3CH2 o A mixture of 4-[(2,2-die(hoxy]ethoxy]benzaldchyde (10,6 g, 44.53 mmol), thiazoIidin-2,4-dione (5.21 g, 44.53 nS)fclX benzoic acid (0.70 g, 5.78 mmol) and piperidine (0.64 niL, 6.7 mmol) in toluene (150 mlj) was refluxed for 2h with continuous removal of water. The reaction mixture was cooled to room temperature and diluted with EtOAc (150 ml). The mixture was washed wilh water, brine, dried over anhydrous Na2S04 and concentrated. The crude compound was purified by column chromatography using EtOAc : pet. ether (1:2) as eluent to afford the title compound (12.54 g, 70 %) as a brown coloured liquid. "H NMR (CDCI3) : 5 8.70 (bs, IH, D2O exchangeable), 7.80 (s, IH), 7.45 (d. J * 8.72 Hz. 2HX 7.02 (d, J = 8.72 Hz, 2H), 4.87 (t, J = 5.21 Hz, IH), 4,08 (d, J = 5.21 Hz, 2H), 3.90 - 3.52 (m, 4H), 1.26 (t, J = 7.02 Hz, 6H). Example 2 S-[4-[(2,2-Diethoxy)etboxy]phenyl niethyl|thiflzolldin-2,4-dione: OCH2CH3 NH " CH3CH,0-^^° Y^ f^ O A solution of 5-[4-[(2,2-diethoxy)ethoxy]phenyl methylene]thiazolidin-2,4-dione (8.0 g, 23.7 mmol) obtained in example I, in 1,4-dioxane (100 mL) was reduced with hydrogen in the presence of 10 % palladium on charcoal (16.0 g) at 60 psi for 60 h. The mixture was filtered through a bed of celite. The filtrate was evaporated to dryness under reduced pressure; purified by column chromatography using EtOAc : pet. ether (I : 1) as an eluent to afford the title compound (8.04 g, 67 %) as a colouriess liquid. "H NMR (CDCI3) 1 5 8.75 (bs, IH, DjO exchangeable), 7.14 (d, J = 8.63 Hz, 2H), 6.87 (d, i = 8.63 Hz, 2H), 4.84 (t, J = 5.25 Hz, IH). 4.49 (dd. J = 9.46, 3.83 Hz, IH), 3.99 (d, J = 5.25 Hz, 2H), 3.88 - 3.52 (m, 4H), 3.45 (dd, J = 14.11, 3.83 Hz, IH), 3.10 (dd, J = 14.U, 9.46 Hz, IH), 1.25 (t,; = 7.03 Hz, 6H). Example 3 5-|4-((4-Oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yIImethoxj"|phenyl 2,4"dione : O methyllthiazolidin- To a stirred solution of polyphosphonate ethyl ester (PPE) (3.IS g, 7.29 mmoi) in chloroform (4,0 mL) was added salicylamtde (0.5 g, 3.65 mmoi) followed by addition of a solution of 5-[4-[(2,2-diethoxy)ethoxy]phenyl metbyl]thiazolidin-2,4"dione (1.36 g, 4.0 mmoi) obtained in example 2, in chloroform (10 mL) dropwise at 25 - 30 **C. The reaction mixture was immersed in a preheated oil bath and refluxed for 3 h. The reaction mixture was cooled to room temperature and CHCI3 was removed under reduced pressure. To the resultant residue aq. sat. NaHC03 solution (25 mL) was added and stirred for 30 min. at 25 - 30 OC. The precipitated brown colour«i solid was filtered and purified by column chromatography EtOAc ; pet. ether (1 : 1) to yield the title compound ().15 g,8l %). mp : 1340C- 138 0C. ^H NMR (CDCI3) ; 6 11.80 (bs, IH, D2O exchangeble), 8.40 (bs, IH, D2O exchangeable), 7.9 (d, J = 7.50 Hz, IH), 7.15 (d, J = 8.30 Hz, 2H), 7.05 (t, J = 7.50 Hz, IH), 6.90 (d, J = 7.50 Hz, IH), 6.80 (d, J = 8.30 Hz, 2H), 5.80 (t, J = 5.30 Hz, IH), 4.42 (dd, 3 = 9.50, 3.80 Hz, IH), 4.30 -4.10 (m, 2H), 3.34 (dd, J = 14.10, 3.80 Hz, IH), 3.02 (dd, J = 14.10, 9.50 Hz, IH). Example 4 ^-,^,,j-ivieinyi-4-oxo-J,4-dihydro-(2H)-l,3-benzoxaziafr-2-yl]metboxy]pbenyl methyl] tbIazondJii-2,4"dione: O .CH3 .NH The title compound (0.4 g, 60 %) was obtained from N-methyl salicylamide (250 mg, 1.66 mmol), 5-[4-[(2,2-diethoxy)ethoxy]phenyl methyI]thiazoIidin-2,4-dione (620 mg, 1,82 mmol) obtained in example 2 and PPE (1.40 g, 3.32 mmol), by a similar procedure to that described in examples, mp : 187°C. "H NMR (CDCI3) : 5 8.23 (bs, IH, D2O, exchangeable), 7.95 (d. J = 7.50 Hz, IH), 7.43 (t, J = 7.50 Hz, IH), 7.12 (d, J = 8.54 Hz, 2H), 7.08 (t, J = 7.50 Hz, IH), 6.93 (d, J = 7.50 Hz, IH), 6.77 (d, J = 8.54 Hz, 2H), 5.62 (I, J = 5.39 Hz, IH), 4.48 (dd, J = 9.04. 3.74 Hz, IH), 4.32 - 4.08 (m, 2H), 3.45 (dd, J = 14.05, 3.74 Hz, IH), 3.21 (d, J = 3.83 Hz, 3H), 3.10 (dd. J = 14.05, 9.04 Hz, IH). Example 5 5-|4-||3-EthyI-4-oxo-3,4-dihydro-(2H)-I,3-benzoxazine-2-yl|methoxy]phenyI methyl] tbiazolidin-2,4-dione: O The title compound (0.51 g, 69 %) was obtained from N-ethyl salicylamide (300 mg, 1.82 mmol) and 5-[4-[(2,2-diethoxy)ethoxyjphenyl methyl]thiazolidin-2,4-dione (677 mg, 1.99 mmol) obtained in example 2 and PPE (1.57 g, 3.64 mmol) by a similar procedure to that described in example 3. mp : 70 - 72 °C. 1H NMR (CDCI3) : 5 8.10 (bs, IH, D2O exchangeable), 7.96 (d, J = 7.50 Hz, IH). 7.41 (t, J = 7.50 Hz, IH), 7.11 (d, J = 8.40 Hz, 2H), 7.05 (t, J = 7.50 Hz, IH), 6.91 (d, J - 7.50 Hz, IH), 6.72 (d, J ^ 8.40 Hz, 2H), 5.62 (t, J = 5.40 Hz, IH), 4.48 (dd, J = 9.03, 3.87 Hz, IH), 4.42 - 3.90 (m. 3H), 3.50 - 3.02 (m, 3H), 1.28 (t. J = 7.05 Hz, 3H). Example 6 Step A: 5-|4-||2,3-DimethyM-oxo-3,4-dihydro-(2H)-l,3-bcnzoxazin-2-ylImefhoxylphenylmethyll-2-iminothifl^HdJn-4-one : O ,CH O A mixture of ethyl 2-bromo-3-[4-[[2,3-dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2- yl]methoxy]phenyl]propionate (1.5 g, 3.25 mmol) obtained in preparation 4, fused sodium acetate (884 mg, 6.5 mmol) and thiourea (493 mg, 6.5 mmol) in ethanol (12 mL) was refluxed for 12 h. The reaction mixture was cooled to room temperature and ethanol was removed under reduced pressure. The resultant residue was diluted with ethyl acetate and washed with water. Ethyl acetate layer was dried over anhydrous Na2S04 and concentrated. The crude compound was chromatographed on silica gel using EtOAc ; pet. ether (I : 1) as eluent to obtain the title compound (1.1 g, 82 %). »H NMR (DMSO-dg): 8 7.91 (d. J = 7.50 Hz, IH). 7.40 (t, J = 7.50 Hz, IH), 7.05 (d, J = 8.30 Hz, 2H), 7.02 (t, J = 7.50 Hz, IH), 6.88 (d, J = 7.50 Hz. IH). 6.70 (d, J = 8.30 Hz, 2H), 4.41 (dd, J = 9.50. 3.75 Hz, IH). 4.11 (s, 2H), 3.45 (dd, J = 14.12. 3.75 Hz. IH), 3.18 (s. 3H). 2.92 (dd, J = 14.12,9.50Hz, IH), 1.82(s,3H). StepB : 5-14-[2^-DinicthyM-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxylphenyl methyrj thrazolidin-2,4-dione: O NH -CH3 To a stirred solution of the compound (I g, 2.43 mmol) obtained above in ethanol (20 mL) was added 2N HCl (5 mL) and refluxed for I2h. The nmotlon mixture was cooled to room temperature and ethanol was removed under reduced prossure. The aqueous layer was neutralised with saturated aqueous NaHC03 solution and extracted with EtOAc (2 x 50 mL). The combined organic layers were washed with brine, dried over anhydrous Na2S04 and concentrated. The crude compound was chromatographed on silica gel using EtOAc : pet. ether (1:1) as cluent to yield the title compound (450 mg, 45 %). mp -.58-60 °C. "H NMR (CDCI3) : 5 7.92 (d, J = 8.30 Hz, IH), 7.42 (t, J = 8.30 Hz, IH), 7.12 (d, J = 8.50 Hz, 2H). 7.06 (t, J = 8.30 Hz, IH), 6.87 (d, J = 8.30 Hz, IH). 6.76 (d, J = 8.50 Hz, 2H), 4.50 (s, 2H), 4.48 (dd, J = 9.30, 3.90 Hz, IH), 3.40 (dd, J = 14.11, 3.90 Hz, IH), 3.18 (d, J = 4.24 Hz, 3H), 3.08 (dd, J = 14.U,"8.30 Hz, IH), 1.85 (s. 3H). Example 7 S.|4-{[4.0xo-3«4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl 2,4-dione, sodium Salt: methyl] thiazoUdin- N". Ma* To a stirred suspension of 5-[4-[[4-oxo-3,4-dihydro- 25 - 30 °C. During this period the suspension slowly dissolved completely and a white solid precipitated out which was stirred further for Ih. The solid was fihered and washed with methanol (2 mL) and dried to afford the title compound (250 mg, 95 %). mp : 280 ^C. •H NMR (DMSO-de) : S 7.70 (d. J = 7.50 Hz, IH). 7.35 (t, J = 7.50 Hz. IH), 7.10 (d, J = 8.30 Hz, 2H), 7.00 (d, J = 7.50 Hz, 1H), 6.85 (d, J = 7.50 Hz, IH). 6.75 (d, J = 8.30 Hz, 2H), 5.70 (t, J = 5.30 Hz. IH), 4.05 (dd, J = 8.95, 3.90 Hz, IH), 3.90 - 3.80 (m, 2H), 3.23 (dd. J = 13.80, 3.90 Hz, IH), 2.65 (dd, J = 13.80,8.95 Hz, IH). Example 8 5-I4-I(3-Mefhyl-4-osro-3,4-dihydro-(2H)-l^-beiizoxazinc-2-yIImethoxyJphenyl methyl) thia£oUdia-2^-dione, sodium salt: O .CH3 N". Na* .0 The title compound (136 mg, 81 %) was obtained from 5-t4-[t3-methyl-4-oxo-3,4-diliydro-(2H)-1,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-diono (150 mg, 0.39 mmol) obtained in example 4, by a similar procedure to that described in example 7. mp : 205 - 298 °C. 1H NMR (CDCl3+DMSO-d6) ; 6 7.78 (d, J = 7.50 HE. 1H), 7.48 (t, J = 7.50 Hz, IH), 7.35 - 6.95 (m, 4H), 6.75 (d, J = 8.30 Hz, 2H), 5.86 (I, J = 4.98 Hz, IH), 4.20 (d, J = 4.98 Hz, 2H), 4.06 (dd, J = 10.38, 3.23 Hz. IH), 3.24 (dd, J = 13.70, 323 Hz, IH), 3.09 (s, 3H), 2.64 (dd, J = 13.70, 10.38 Hz, !H). Example 9 5-[4-([lv3-Dlmetliyl"4-oxo-l,2f3,4-tetrahydro-2-qu{nazolinylImethoxy| phenyl raethylenel thiazolidin-2,4-dione: O fT"^ 1 1 J, ^ /V^o 1 CH3 The title compound was obtained from N,N"-dimethylanthranilamide (500 mg, 3.04 mmol), 5-[4-[(2,2-dicthoxy)eVboxy]phenyl melhylene]Uiiazolidin-2,4-dione (1.13 g, 3.35 mmol) obtained in example 1 and PPE (2.63 g, 6.10 mmol) by a similar procedure to that described in example 3. mp : 236 - 240 "C-1H NMR (DMSO"dg): 5 7.72 (d, J = 7.47 Hz, IH), 7.57 (s, IH), 7.50 - 7.30 (m, 3H), 6.96 (d, J = 8.30 Hz, 2H), 6.90 - 6.60 (m, 2H), 5.23 (t, J = 5.30 Hz, IH), 4.22 (d, J = 5.30 Hz, 2H), 3.14 (s, 3H), 3.07 (s, 3H). Example 10 5-|4-|f3-Metbyl-4"Oxo-l,2,3«4-tetrahydro-2-quinazonnyIJmethoxy)phenyl methylene] thlazolidiii-2,4,dioiie: The title compound (800 mg, 65 %) was obtained from N-methyl anth rani I amide (500 mg, 3.3 mmol). 5-f4-[(2,2-dielhoxy)cthoxy]phenyI melhylene]thiazolidin-2,4-dione (1.23 g, 3.66 mmol) obtained from example 2 and PPE (2.85 g, 6.6 mmol) by a similar procedure to that described in example 3^ mp : 66 - 68 "C. IH NMR (DMSO-dg) : 5 7.67 (s, IH), 7.63 (d, J - 7.80 H7, IH), 7.51 (d, J = 8.60 Hz, 2H), 7.23 (t, J = 7.80 Hz, IH), 7.03 (d, J = 8.60 Hz, 2H), 6.80 - 6.60 (m, 2H), 5.12 4.14 (d, J = 5.30 Hz, 2H), 3.08 (s, 3H). Example 11 S-f4-|[13-DiinethyM-oxo-l,2^,4-tetrahydro-2-quinazoHnyl)raethoxy] phenyl methyl) thiazoiidiD-2,4-dion[e: I^ethodA The title compound (3.84 g, 82 %) was obtainad ftom N, N"-methylanthrannamidc (1.87 g, H.4 rhmol), 5-[4-[(2,2-diethoxy)ethoxy3phenyl mefhyI]thiazolidIn-2,4-dione (2.0 g, 5,8 mmol) obtained in example 2 and PPE (9.86 g, 22.8 mmol) by a similar procedure to that described in example 3. mp: 201.9 °C. Method B : The (ille compound (340 mg, 64 %) was obtained from 5-[4-[n.3-dimethy|-4-oxo-l,2,3,4-tclrahydro-2-quinazolinyl]methoxy] phenyl methylene]thiazolidin-2,4-dione (500 mg) obtained in example 9 by a similar procedure (o thai described in example 2. >H NMR (CDCI3) : S 8.76 (bs, IH, D2O exchangeable), 7.94 (d, J = 7.50 Hz, IH), 7.38 (t, J = 7.50 Hz, IH), 7.10 (d, J = 8.30 Hz, 2H), 6.86 (t, J = 7.50 Hz, IH), 6.71 (d, J = 8.30 Hz, 2H), 6.62 (d, J « 7.50 Hz, 1H), 4.87 (t, J = 5.81 Hz, 1H), 4.45 (dd, J = 9.04, 3.83 Hz, 1H). 4.20 - 4.00 (m, 2H), 3.38 (dd, J = 14.02, 3.83 Hz. IH), 3.23 (s, 3H), 3.12 (s, 3H), 3.10 (dd. J = 14.02, 9.04 Hz, IH). Example 12 5-|4-{|3-Methyl-4-oxo-l,23)4-tetrataydro-2-quinazolinyl]niethoxy)phenyl metbyll thlazolidin-2,4-dione: O s- .NH Method A : The title compound (0.96 g, 95 %) was prepared from 5-[4-[[3-methyl-4-oxo-3,4-dihydro-2- quinazolinyljmethoxyjphenyl methylene] thiazolidin-2,4-dione (1.0 g) (preparation described in copending US application numbers 08/777,627 and 08/884,816), by a similar procedure to that described in example 2. Method B: The title compound (350 mg, 44 %) was obtained from N-methyl anthranrlamide (272 mg, 2.0 mmol) and 5-[4-[(2,2-dielhoxy)ethoxy]phenyl methyI]thiazolidin-2,4-dione (746 mg, 2.2 mmol) obtained from example 2 and PPE (1.73 g, 4.0 mmol) by a similar procedure to that described in example 3. mp: 86-90 "C. Method C; T!ie title compound (480 mg, 96 %) was prepared from 5-(4-[[3-methyI-4-oxo-3,4-dihydro-2-quinazolinyljmethoxyjphenyl melhyl]lhiazolidin-2,4-dione (500 mg) (preparation described in copending US application numbers 08/777,627 and 08/884,816), by a similar procedure to that described in example 2. Method p : The title compound (440 mg, 88 %) was prepared from 5-[4-[[3-methyl-4-oxo-I,2,3,4-dihydro-2-quinazolinyl]methoxy]phenyl methyIene]thiazoIidin-2,4-dione (500 mg) obtained in example 10, by a similar procedure to that described in example 2. "H NMR (CDCI3) : 5 8.23 (bs, IH, D2O exchangeable), 7.95 (d, J = 7.50 Hz, IH). 7.43 (t, J = 7.50 Hz, IH), 7.12 (d, J = 8.54 Hz, 2H), 7.08 (t, J = 7.50 Hz, IH), 6.93 (d. J = 7.50 Hz, IH), 6.77 d, J = 8.54 Hz, 2H), 5.62 (t, J = 5.39 Hz, IH), 4.48 (dd, J = 9.04, 3.74 Hz, IH), 4.32 - 4.08 (m. m), 3.45 (dd, J = 14.05, 3.74 Hz, IH), 3.20 (d, J = 3.83 Hz, 3H), 3.10 (dd, J = 14.05, 9.04 Hz, IH). Example 13 5-(4-|[3-Ethyl-]-methyM-oxo-I,2,3,4-tetr8hydro-2-qutnazolinyl]methoxyJphenyl thiazolidin-2,4"dioDe: O methyl] The title compound (1.6 g, 65 %) was obtained from 2-(N-methyl)amino-N"ethyl benzamide (1.08 g, 6.06 mmol) and 5-[4-[(2.2-diethoxy)ethoxy]phenyl methyl]thiazolidln-2,4-dione (2.26 g, 6.68 mmol) obtained in example 2 and PPE (5.23 g, 12.13 mmol) by a similar procedure to that described in example 3. mp : 72 - 74 "C. IH NMR (CDCI3): 8 11.99 (bs, IH, D2O exchangeable), 7.69 (d, J = 7.50 Hz, IH), 7.36 (t, J = 7.50 Hz, IH), 7.09 (d, J = 8.30 Hz, 2H), 6.78 (I, J = 7.50 Hz, IH), 6.76 (d, J = 8.30 Hz, 2H), 6.68 (d, J = 7.50 Hz, IH), 5.18 (t, J = 5.30 Hz, IH), 4.84 (dd, J = 8.62, 4.47 Hz, IH), 4.05 (q, J = 7.05 Hz, 2H)i 4.12 - 3.80 (m, 2H), 3.36 (dd, J = 14.05. 4.47 Hz, IH), 3.06 (s, 3H). 3.13 (dd. J = 14.05, 8.62 Hz, IH), 1.18 (t, J = 7.05 Hz, 3H). Example 14 5-i4-[[l-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazoIinyljmethoxy)phenyl methyl] (hiazolldin-2,4-dione : O The title compound (450 mg, 23 %) was obtained from 2-(N-melhyl)amlno benzamide (750 mg, 5.0 mmol) and 5-[4-[(2,2-diethoxy)ethoxy]phenyl mcthyl]thiazolidin-2,4-dione (1.87 g, 5.51 mmol) obtained in example 2 and PPE (4.33 g, 10.02 mmol) by a similar procedure to that described in example 3. mp : 108 - 110 °C. Ul NMR (CDCI3) : 6 10.10 (bs, IH, D2O exchangeable), 7.93 (d, J -= 7.50 Hz, IH), 7.42 (t, J = 7.50 Hz; IH). 7.09 (d; J = 8.53 Hz, 2H), 6.84 (t, J = 7.50 Hz, IH), 6.73 (d, J = 8.53 Hz, 2H), 6.64 (d, J = 7.50 Hz. 1H). 4.98 (t, J = 4.56 Hz, 1H), 4.43 (dd, J = 8.90, 3.97 Hz, IH), 4.20 - 3.82 (m, 2H), 3.37 (dd, J = 14.U, 3.97 Hz, IH), 3.12 (dd, J = 14.11, 8.90 Hz. IH), 3.10 (s, 3H). Example IS 5-|4-||l,3-DfmethyI-4-oxo-l,2^,4-tetrahydro-2-quinazolinyl]methoxylphenyl thiazolidin-2,4-djone, sodium salt: O .CH3 . /^ .0^ .^ N". Na* CH3 methyl] The tide compound (150 mg, 95 %) was obtained Irom 5-[4-[[l,3-dimethyl-4-oxo-l,2,3,4-(etrahydro-2-quinazolinyl]methoxy]phenyl methyl](hiazolidin-2,4-dione (150 mg, 0.36 mmol) obtained in example 11, by a similar procedure described in example 7. mp : 281 - 237 ^C hi NMR (CDCI3) : 6 7.72 (d, J = 7.50 Hz, IH), 7.40 (t, J = 7.50 Hz, IH), 7.10 (d, J = 8.30 Hz, 2H), 6.90 - 6.66 (m, 4H), 5.20 (t, J = 5.30 Hz, IH), 4.20 - 4.05 (m, 3H), 3.32 (dd, J = 13.53, 3.23 Hz, lH),3.13(s, 3H), 3.07(s, 3H), 2.62(dd, J= 13.52, 10.70 Hz, IH). Example 16 5-(4-l[4-Oxo-l,2^3,4-tetrahydro-2-quinflzolinyllmcthoxy]phenylmethyl|thiazolidin-2,4- dione O N ^^ H O The title compound (0.42 g, 50%) was obtained from anthranilamide (0.3 g, 2.2 mmol) and 5-[4-[(2,2-diethoxy]ethoxy]phenyl methyl]thiazolidin-2,4-dione (0.82 g, 2.42 mmol) obtained in example 2 and PPE (1.91 g, 4.4 mmol) by a similar procedure to that described in example 3. m.p: 81-83 *C "H NMR (CDCI3) : S 8.59 (bs, IH, D2O exchangeable), 7.89, (d, J = 7.70 Hz, IH), 7.35 (t, J = 7.50 Hz, IH), 7.13 (d. J = 8.62 Hz, 2H). 6.95 - 6.75 (m. 3H), 6,69 (d, J = 7.50 Ha. IH), 5.20 (t. J •= 5.70 Hz, IH), 4.65 (bs. IH, DjO exchangeable), 4.49 (rfd. J « 9.03, 4.06 Hz, IH), 4.20 - 4,10 (m, IH), 4.10 - 3.92 (m. !H). 3.40 (dd, J = 14.12, 4.06 Hz. IH), 3.18 (dd, J = 14.12. 9.03 Hz, IH). Example 17 5-|4-|{l,3-DiethyM-oxo-I,2^,4-tetrahydro-2-quJDazoltnyl]methoxy]ptaenyl methyl] thiazolidia-2,4-dione The title compound (0.4 g, 53 %) was obtained from N, N"-diethylanthranilamide (0.32 g, 1.66 mmol) and 5-t4-[(2,2-diethoxy]ethoxy]phenyl methyl ]thiazolidin-2,4-dione (0.62 g, 1.83 mmol) obtained in example 2 and PPE (1.44 g, 3.37 mmol) by a similar procedure to that described in example 3. m.p : 74-76 "C "H NMR (CDCI3) : 8 8.60 (bs, IH, D2O exchangeable). 7.95, (d, J = 7.50 Hz. IH), 7.36 (t, S = 7.50 Hz, IH), 7.09 (d, J = 8.60 Hz, 2H), 6.86 (t, J = 7.57 Hz, IH), 6.75 (d, J = 7.50 Hz, IH), 6.71 (d, J = 8.60 Hz, 2H), 4.92 (t, J = 5.81 Hz, IH), 4.46 (dd. J = 9.13, 3.73 Hz, IH), 4.20 - 3.90 (m, 3H), 3.90 - 3.00 (m, 5H), 1.45 - 1. 15 (m, 6H). Example 18 5.[4.{|]-Etbyl-3-niethyl-4-oxo-l«2^,4-tetraliydro-2-quinazoIinyl|nietfaoxy|phenyl thiazolldtn-2»4-dione methyll The title compound (575 mg, 52 %) was obtained from N-ethyl-N"-methylanthranilamide (460 mg, 2.58 mmol) and 5-t4-[(2,2-dielhoxy]ethoxy]phenyl methyl]thiazolidin-2,4-dione (963 mg, 2.8 mmol) obtained in example 2 and PPE (1.9! g, 4.4 mmol) by a similar procedure to that described in example 3. m.p : 165 °C. "H NMR (CDCI3) : 5 8.30 (bs, IH, DjO exchangeable), 7.96 (d, J = 7.50 Hz, IH), 7.38 (t, J = 7.50 Hz, IH), 7.11 (d, J = 8.50 Hz, 2H), 6.88 (t, J = 7.50 Hz, IH), 6.76 (d, J = 7.50 Hz, IH), 6.72 (d. ) = 8.50 Hz, 2H), 4.89 (t, J " 5.80 Hz, IH), 4.47 (dd, J = 8.36, 3.78 Hz, IH). 4.10 - 3.95 (m, 2H), 3.70 - 3.50 (m, IH), 3.50 - 3.30 (m, 2H), 3.24 (d. J = 3.72, 3H), 3.20-3.00 (m, IH), 1.30 (t, J = 7.06 Hz, 3H). Example 19 S-|4-||l-EthyI-4-oxo-l,2,3,4-tetrahydro-2-quinazonnyl)methoXy]phenyI methyl] thi8Zolfdiii-2,4-dioiie O The title compound (240 mg, 43 %) was obtained from N-ethyl anthranil amide (300 mg, 1.83 mmol) and 5-t4-[(2,2-diclhoxy]ethoxy}phenyl melhyl]thiazoiidin-2,4-dione (680 mg, 2.0 mmol) obtained in example 2 and PPE (1.58 g, 3.65 mmol) by a similar procedure lo that described in example 3. m.p : 77 - 79 *C. "H NMR (CDCI3) : & 9.40 (bs, IH, DiO exchangeable), 7.95 (d, J = 7.50 Hz, IH), 7.39 (t, J = 7.50 Hz, IH), 7.09"(d, J = 8.50 Hz, 2H), 6.95 ■- 6.65 (m, 4H), 4.99 (t, J = 5.70 Hz, IH). 4.44 (dd, J = 8.30, 3.00 Hz, IH), 4.15 - 3.90 (m, 2H), 3.75 - 3.50 (m, IH), 3.50 - 3.25 (m, 2H), 3-20 - 3.00 (m, 1H), 1.30 (I, J = 7.48 Hz, 3H). Mutation in colonies of laboratory animals and different sensitivities to dietary regimens have made the development of animal models with non-insultn dependent diabetes associated with obesity and insulin resistance possible. Genetic models such as db/db and ob/ob (See Diabetes, (1982) 31(1) : 1- 6) in mice and fa/fa and zucker rats have been developed by the various laboratories for understanding the pathophysiology of disease and testing the eflicacy 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, hypcrinsulinemic 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 acttvrties. The compounds of the present Invention showed blood sugar and triglycerides lowering activities through-improved insulin resistance. This was demonstrated by the following in vivo experiments. Male C57BL/KsJ-db/db mice of 8 to 14 weeks age, having body weight range of 35 to 60 grams, procured from the Jackson Laboraotory, USA, were used in the experiment. The mice were provided with standard feed (National Institute of Nutrition, Hyderabad, India) and acidified water, ad libitum. The anirnals having more than 3(X) mg / dl blood sugar were used for testing. The number of animals in each ^x>up was 4. The random blood sugar and triglyceride levels were measured by collecting blood (100 (il) through orbital sinus, using heparinised capillary in tubes containing EDTA which was centrifiiged to obtain plasma. The plasma glucose and triglycerides levels were measured spectrometrically, by glucose oxidase and gJycerD(-3-P04 oxidase/peroxidase enzyme (Dr. Reddy"s Lab. Diagnostic Division Kits, Hyderabad, India) methods respectively. On 6th day the blood samples were collected one hour after administration of test compounds / vehicle for assessing the biological activity. Test compounds were suspended on 0.25 % carboxymelhyl cellulose and administered to (est group at a dose of 1 mg to 100 mg / kg through oral gavage daily for 6 days. The control group received vehicle (dose 10 ml / kg). Troglttazone (100 mg / kg, daily dose) was used as a standard drug which showed 28 % reduction in random blood sugar level on 6(h day. The blood sugar and triglycerides lowering activities of the test compound was calculated according to the formula : Bloodsugar Mriglycerideslowering activity (%) = 1 - DT/DC x 100 TCVZC ZC = Zero day control group value DC = Zero day treated group value TC = Control group value on test day DT = Treated group value on the test day No adverse effects were observed for any of the mentioned compounds of invention in the above test. The compounds of the present invention also showed cholesterol lowering activity in the expoimental animali used. Compound Dose (mg/kg/day) Maximum reduction in blood glucose level (%) Triglyceride lowering (%) Example 12 3 55 35 Example 11 1 34 28 Example 4 10 48 42 Example 3 10 41 48 Example 25 10 61 40 Example 30 10 " 60 The experimental results from the db/db mice suggest that the novel compounds of the present invention also possess therapeutic utility as a prophylactic or regular treatment for obesity, cardiovascular disordere such as hypertension, hyperlipidaemia and other diseases; as it is known irom the literature that such diseases are interrelated to each other. We claim: 1, A compound f formula (I) its tautomeric forms, its stereoisomers its polymorphs, its pharmaceutically acceptable salts or its pharmaceutically acceptable solvates, wherein X represents O or S; R", R’, R’, R , are the same or different and represent hydrogen, halogen, hydroxy, cyanic, nitro; or optionally substituted groups selected tom alkyl, cycloalkyi, alkoxy, (C3-C6), alkoxycarbonylamino, carboxylic acid or its derivatives, cylix, sulfuric acid or its derivatives; W represents O, S or a group NR’; R’ and R’ may be same or different and represent hydrogen; or optionally substituted group selected from alkyl, (C3-C6) ranging from 1 - 4; Art represents an optionally substituted divalent aromatic or heterocyclic group, R" and R’ may be same or different and individually represent hydrogen, halogen, hydroxy, lower alkyl, optionally substituted a alkyl, or together form a bond; and B represents an oxygen atom or a sulfur atom. I T 1 2. The compound as claimed in claim I, wherein substituents of the groups R , R , R or R** are selected from halogen, hydroxy, cyano, nitro or optionally substituted groups selected from alkyl, (C)-C6)cycloalkyl, alkoxy, (C|-C6)cycloalkoxy, aryl, aralkyl, heterocyclyl selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyt; heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyi, aryloxy, alkoxycarbonyl, alkylamino, alkoxyalkyl, alkylthio, thioalkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. 3. Tlie compound as claimed in claim 1, wherein the substituents of the groups represented by R’ and R are selected from hydroxy, halogen, acyl, acyloxy or amino groups. 4. The compound as claimed in claim 1, wherein Ar represents substituted or unsubstituted divalent phenylene, naphthylene, pyridyl, quinolinyl, benzoftiryl, dihydrobenzofizry], benzopyranyl, indolyl, indolinyl, azaindolyJ, azaindoiinyl, pyrazolyl, benzothiazolyl or benzoxazolyl. 5. The compound according to claim 4, wherein substituents of the group represented by Ar are selected from linear or branched (Ci-C6)alkyl, (Ci-C3)alkoxy, halogen, acyl, amino, acylamino, thio; or carboxylic acids or sulfonic acids or their derivatives. 6. The pharmaceutical composition which comprises a compound of formula (!) fCHgfe-O—Af—1’° J> X Y" O (I) as defined in claim 1 and pharmaceutically acceptable carrier, diluent, excipient or solvate. 7. The pharmaceutical composition as claimed in claim 6, in the form of a tablet, capsule, powder, syrup, solution or suspension. 8. A process for preparing a compound of formula {!) (I) its tautomeric forms, its stereoisomers, its polymorphs, its pharmaceutically acceptable salts or its pharmaceutically acceptable solvates, wherein X represents O or S; R , R , R , R , are the same or different and represent hydrogen, halogen, hydroxy, cyano, nitro; or optionally substituted groups selected from alkyl, (CB-CS) cycloalkyl, alkoxy, (Cs-Ce) cycloalkyloxy, aryl, aralkyi, heteroaryl, heteroaralkyl, heterocyclyl is selected from aziridiny], pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; aryloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkylamino, arylamino, amino, aminoalkyl, hydroxyalkyl, alkoxyalkyl, thioalkyl, alkylthio, acyl, acylamino, aryloxycarbonyl amino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; W represents O, S or a group NR’; R’ and R’ may be same or different and represent hydrogen; or optionally substituted group selected from alkyl, (C3-C6)cycloalkyl, aryl, aralkyi, heterocyclyl is selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; heteroaryl, heteroaralkyl, acyl, hydroxyalkyl, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, or thioalkyl groups; R’ represents hydrogen, hydroxy or halogen or optionally substituted alkyl, aryl, heteroaryl, acyl, alkoxy, aralkyi, or aralkoxy; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group, R’ and R* may be same or different and individually represent hydrogen, halogen, hydroxy, lower alkyl, optionally substituted aralkyi, or together form a bond; and B represents an oxygen atom or a sulfur atom; comprising: a) reacting a compound of formula (XIII) where all symbols are as defined above, with a compound of formula {XIV) (R"o)iCIt3_(aij)s-"0—Ar—i ‘ .0 6 Y (XIV) where R" is a linear or branched {C1-C5) alkyl and all symbols are as defined above, in the presence of acid or base and in presence or absence of solvent at a temperature in the rangeofO°Cto205°C, b) and if desired converting the compound of formula (I) obtained into its pharmaceutically acceptable salts, or its pharmaceutically acceptable solvates by conventional methods.. 9. A process for preparing a compound of formula (I) 0 (CH2)s-0—Ar- R R7 "Y NH (1) its tautomeric forms, its stereoisomers, its polymorphs, its pharmaceutically acceptable salts or its pharmaceutically acceptable solvates, wherein X represents O or S; R , R , R , R"*, are the same or different and represent hydrogen, halogen, hydroxy, cyano, nitro; or optionally substituted groups selected from alkyl, (Cg-Ce) cycloalkyl, alkoxy, (Cs-C’) cycloalkyloxy, aryl, aralkyl, heteroaryl, heteroaralkyl, heterocyclyl is selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; aryloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkylamino, arylamino, amino, aminoalkyi, hydroxyalkyi, alkoxyalkyl, thioalkyl, alkylthio, acyl, acylamino, aryJoxycarbonylamino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; W represents O, S or a group NR’; R’ and R’ may be same or different and represent hydrogen; or optionally substituted group selected from alkyl, (C3-C6)cycloalkyl, aryl, aralkyl, heterocyclyl is selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; heteroaryl, heteroaralkyl, acyl, hydroxyalkyi, aminoalkyi, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, or thioalkyl groups; R’ represents hydrogen, hydroxy or halogen or optionally substituted alkyl, aryl, heteroaryl, acyl, alkoxy, aralkyl, or aralkoxy; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group, R’ and R’ may be same or different and individually represent hydrogen, halogen, hydroxy, lower alkyl, optionally substituted araJkyI, or together fomi a bond; and B represents an oxygen atom or a sulfur atom prepared by the process comprising the step of: i) reacting a compound of formula (XIV) (XIV) wherein R’ represents hydrogen, halogen, hydroxy or optionally substituted alkyl, aryl, heteroaryl, acyl, alkoxy, aralkyl, or aralkoxy; n is an integer ranging from 1-4; Ar represents an optionally substituted divalent aromatic or heterocyclic group; B represents an oxygen atom or a sulfur atom and R" is a linear or branched (C1-C5) alkyl group with a compound of formula (XIII) and all other symbols are as defined above (XIII) where all symbols are as defined above to yield a compound of formula (VIII) N" o (VIII) wherein, R", R’ R’ R’ R’ R’ X, W, n, Ar are as defined above and B represents sulfur or oxygen, in the presence of acid or base and in presence or absence of solvent at a temperature in the range of 0 °C to 205 °C, ii) and if desired reducing the compound of formula (VIII) to obtain a compound of fomula (IX), {CHJ)B-0—Ar B’ >NH T (IX) wherein, R", R’, R’, R**, R’ R’, X, W, n, Ar and B are as defined above by conventional methods, iii) and if desired converting the compound of formula (I) obtained into its pharmaceutically acceptable salts, or its pharmaceutically acceptable solvates by conventional methods. 10. A compound of formula (I) R" B" ‘NH Y o 0) its tautomeric forms, its stereoisomers, its polymorphs, its pharmaceutically acceptable salts or its pharmaceutically acceptable solvates, wherein X represents O or S; R", R’, R’, R*, are the same or different and represent hydrogen, halogen, hydroxy, cyano, nitro; or optionally substituted groups selected from alkyl, (Cj-Ce) cycloalkyl, alkoxy, (CrC’) cycloalkyloxy, aryl, aralkyl, heteroaryl, heteroaralkyl, heterocyclyl is selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; aryloxy, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkylamino, arylamino, amino, aminoalkyl, hydroxyalkyi, alkoxyalkyl, thioalkyl, alkylthio, acyl, acylamino, aryloxycarbonylamino, aralkoxycarbonylamino, alkoxycarbonylamino, carboxylic acid or its derivatives, acyloxy, sulfonic acid or its derivatives; W represents O, S or a group NR ; R* and R’ may be same or different and represent hydrogen; or optionally substituted group selected from alkyl, (C3-C6)cycloalkyl, aryl, aralkyl, heterocyclyl is selected from aziridinyl, pyrrolidinyl, morpholinyl, piperidinyl, or pierazinyl; heteroaryl, heteroaralkyl, acyl, hydroxyalkyi, aminoalkyl, alkoxycarbonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, alkylthio, or thioalkyl groups; R’ represents hydrogen, hydroxy or halogen or optionally substituted alkyl, aryl, heteroaryl, acyl, alkoxy, aralkyl, or aralkoxy; n is an integer ranging from 1 - 4; Ar represents an optionally substituted divalent aromatic or heterocyclic group, R’ and R’ may be same or different and individually represent hydrogen, halogen, hydroxy, lower alkyl, optionally substituted aralkyl, or together form a bond; and B represents an oxygen atom or a sulfur atom prepared by the process which comprises the steps of: i) reacting a compound of formula (Xi) X J (XI) where R\ R’ R\ R"", R’ R’ X, W, n, and AT are as defined above, J is a halogen atom and R is a lower alkyl group with thiourea in the presence of solvent and base at a temperature in the range of 20°C to 200 °C followed by treatment with an acid, ii) and if desire converting the compound of formula (I) obtained into its pharmaceutically acceptable salts, or its pharmaceutically acceptable solvates. 11. The compound according to claim 1 which is selected from the group consisting of the following compounds: (±)5-[4-[[4-Oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyI methyl] thiazolidin-2,4-dione and its salts; (+)5-[4-[[4-0:KO-3,4-dihydro-(2H)-],3-benzoxazine-2-y]]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; (-)5-[4-[[4-Oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl] thiazolidin-2,4-dione and its salts; (±)5-[4-[3-Methyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazoHdin-2,4-dione and its salts; (+)5.[4-[3-Methyl-4-oxo-3,4-dihydro-(2H)-i,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; (-)5-[4-[3-Methyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazoIidin-2,4-dione and its salts; {±)5.[4.[3_Ethyl-4-oxo-3,4-dihydro-{2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazoUdin-2,4-dione and its salts; {+)5-[4-[3-Ethy]-4-oxo-3,4-dihydro-{2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; (-)5-[4-[3-Ethyl-4-oxo-3,4-dihydro-{2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; {±)5-[4-[2,3-Dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; (+)5-[4-[2,3-Dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-ben20xazine-2-yl]methoxy]phenyl methyl]thiazolidin-2,4-dione and its salts; (-)5-[4-[2,3-Dimethyl-4-oxo-3,4-dihydro-(2H)-l,3-benzoxazine-2-yl]methoxy]phenyl methyt]thiazoIidin-2,4-dione and its salts; 5-t4-[[I,3-DimethyI-4-oxo-I,2,3,4-tetrahydro-2-quinazoIinyI]methoxy]phenyI methylene ] thiazolidin-2,4-dione and its salts; 5-f4-[[3-MethyI-4-oxo-I,2,3,4-tetrahydro-2-quinazoIinyl]methoxy]phenyI methylene ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[],3-Di"nethy]-4-oxo-],2,3.4-letrahydro-2-qmnazolinyI]methoxy]phenyI methyl ]thiazolidin-2,4-dione and its salts; (+)5-[4-[[l,3-Dimethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[l,3-Dimethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; {±)5-[4-[[3-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (+)5-[4-[[3-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[3-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; {±)5-[4-[[3-Ethyl-l-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (+)5-[4-[[3-Ethyl-l-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazoUnyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[3-Ethyl-l-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methy] ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[l-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (+)5-[4-[[l-Methyl-4-oxo-l,2,3.4-tetrahydro-2-quina2ohnyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; {-)5-[4-[[l-Methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[4-Oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl jthiazolidin-2,4-dione and its salts; {+)5-[4-[[4-Oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[4-Oxo-l,2,3i4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[l,3-Diethyl-4-oxo-l,2,3!4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazo!idin-2,4-dione and its salts; (+)5-[4-[[l,3-Diethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[l,3-Diethyl-4-oxo-l,2,3!4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[l,Ethyl-3-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; {+)5-[4-[[l,Ethyl-3-methyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[l,Ethyl-3-methyl-4-oxo-],2,3.4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (±)5-[4-[[l,Ethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (+)5-[4-[[l,Ethyl-4-oxo-l,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyl methyl ]thiazolidin-2,4-dione and its salts; (-)5-[4-[[ 1 ,Ethyl-4-oxo-1,2,3,4-tetrahydro-2-quinazolinyl]methoxy]phenyI methyl ]thiazolidin-2,4-dione and its salts. 12. A pharmaceutical composition which comprises, a compound according to claim 11 and a pharmaceutically acceptable carrier, diluent or excipient. 13. The pharmaceutical composition according to claim 12 in the form of a tablet, capsule, powder, syrup, solution or suspension.

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