Title of Invention	NOVEL TRICYCLIC COMPOUNDS, PROCESS FOR THEIR PREPARATION AND PHARMACEUTICAL COMPOSITIONS CONTAINING THEM
Abstract	The present invention relates to novel tricyclic compound of formula (I) it derivatives, its analogs, its tautomeric forms, its stereoisomers, its polymorphs, its pharmaceutically acceptable salts, its pharmaceutically acceptable solvates, or its pharmaceutically acceptable compositions, processes for its preparation.

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The invention claimed in this application is related to co-pending application of Indian Application No. 2416/MAS/97 filed on 27.10.1997. We have added new examples in this application and therefore we have filed this application with Indian Patent Office. hypertriglyceridemia, lowering of atherogenic lipoproteins, VLDL and LDL. The compounds of the present invention can be used for the treatment of certain renal diseases including glomerulonephritis, glomerulosclerosis, nephritic syndrome, hypertensive nephrosclerosis and nephropathy. The compounds of general formula (I) are also useful for the treatment and/or prophylaxis of insulin resistance (type II diabetes), leptons resistance, impaired glucose tolerance, dyslipidemia and disorders related to syndrome X such as hypertension, obesity, insane resistance, coronary heart disease and other cardiovascular disorders. These compounds may also be useful as aldose reductase inhibitors, for improving cognitive functions in dementia, treating diabetic complications, disorders related to endothelial cell activation, psoriasis, polycyclic ovarian syndrome (PCOS), inflammatory bowel diseases, osteoporosis, moronic dystrophy, pancreatitis, arteriosclerosis, retinopathy, xanthoma, inflammation and for the treatment of cancer. The compounds of the present invention are useful in the treatment and/or prophylaxis of the above said diseases in combination / concomitants with one or more HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents such as fabric acid derivatives, nicotinic acid, colestyramine, cholesterol, proposal Background of Invention Atherosclerosis and other peripheral vascular diseases are the major causes affecting the quality of life of millions of people. Therefore, considerable attention has been directed towards understandings the etiology of hypercholesterolemia and hyperlipidemia and development of effective therapeutic strategies. Hypercholesterolemia has been defined as plasma cholesterol level that exceeds an arbitrarily defamed value called "normal" level. Recently, it has been accepted that "ideal" plasma levels of cholesterol are much below the "normal" level of cholesterol in general population and the risk of coronary artery disease (CAD) increases as cholesterol level rises above the "optimum" (or "ideal") value. There is clearly a definite cause and effect-relationship between hypercholesterolemia and CAD, particularly for individuals with multiple risk factors. Most of the cholesterol is present in the esterifies forms with various lipoproteins such as Low density lipoprotein (LDL), Intermediate density Up protein (IDL), High density lipoprotein (HDL) and partially as Very low density lipoprotein (VLDL). Studies clearly indicate that there is an inverse correlation ship between CAD and atherosclerosis with serum HDL-cholesterol concentrations, (Stumper et al, N. Engle J. Med, 325 (1991), 373-381) and the risk of CAD increases with increasing levels of LDL and VLDL. In CAD, generally "fatty streaks" in carotid, coronary and cerebral arteries, are found which are primarily free and etherified cholesterol. Miller et al, {Br. Med, J„ 282 (1981), 1741 - 1744) have shown that increase in HDL-particles may decrease the number of sites of stenos is in coronary arteries of human, and high level of HDL-cholesterol may protect against the progression of atherosclerosis. Picardo et al, {Arteriosclerosis 6 (1986) 434 - 441) have shown by in vitro experiment that HDL is capable of removing cholesterol from cells. They suggest that HDL may deplete tissues of excess free cholesterol and transfer it to the liver (Macikiimon et al, J, Biol Chem, 261 (1986), 2548 - 2552). Therefore, agents that increase HDL cholesterol would have therapeutic significance for the treatment of hypercholesterolemia and coronary heart diseases (CHD). Obesity is a disease highly prevalent in affluent societies and in the developing world and is a major cause of morbidity and mortality. It is a state of excess body fat accumulation. The causes of obesity are unclear. It is believed to be of genetic origin or promoted by an interaction between the genotype and environment. Irrespective of the cause, the result is fat deposition due to imbalance between the energy intake versus energy expenditure. Dieting, exercise and appetite suppression have been a part of obesity treatment. There is a need for efficient therapy to fight this disease since it may lead to coronary heart disease, diabetes, stroke, hyperlipidemia, gout, osteoarthritis, reduced fertility and many other psychological and social pr6blems. Diabetes and insulin resistance is yet another disease which severely effects the quality of Hf of a large population in the world. 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 abnomially high amounts of insulin to compensate for this defect, failing which, the plasma glucose concentration inevitably rises and develops into diabetes. Among the developed countries, diabetes mellitus is a common problem and is associated with a variety of abnormalities including obesity, hypertension, hyperlipidemia (J. Clin. Invest., (1985) 75 : 809 - 817; N. Engl. J. Med. 317 : 350 - 357 ; J. Clin. Endocrinol, Meaty., (1988) 66 : 580 - 583; J. Clin. Invest, (1975) 68 : 957 - 969) and other renal complications (See Patent Application No. WO 95/21608). It is now increasingly being recognized that insulin resistance and relative hyperinsulinemia have a contributory role in obesity, hypertension, atherosclerosis and type 2 diabetes mellitus. The association of insulin resistance with obesity, hypertension and angina has been described as a syndrome having insulin resistance as the central pathogenic link-Syndrome-X. Hyperlipidemia is the primary cause for cardiovascular (CVD) and other peripheral vascular diseases. High risk of CVD is related to the higher LDL (Low Dimity Lipoprotein) and VLDL (Very Low Density Lipoprotein) seen in hyperlipidemia. Patients having glucose intolerance / insulin resistance in addition to hyperlipidemia have higher risk of CVD. Numerous studies in the past have shown that lowering of plasma diglycerides and total cholesterol, in particular LDL and VLDL and increasing HDL cholesterol help in preventing cardiovascular diseases. Peroxisome proofreader activated receptors (PPAR) are members of the nuclear receptor super family. The gamma (y) isonomy of PPAR (Parry) has been impacted in regulating differentiation of adipocyte (Endocrinology, (1994) 135: 798-800) and energy homeostasis (Cell, (1995) 83: 803-812), whereas the alpha (a) isoforms of PPAR (PPARa) mediates fatty acid oxidation (Trend Endocrine. Metal., (1993) 4 : 291-296) thereby resulting in reduction of circulating free fatty acid in plasma (Current Biol. (1995) 5: 618 -621). PPARa agonists have been found useful for the treatment of obesity (WO 97/36579). It has been recently disclosed that title hypolipidemic effect is, enhanced when a molecule has both PPARa and Parry agonism activity and suggested to be useful for the treatment of syndrome X (WO 97”5042). Synergism between the muslin sensitize (PPARy agonist) and HMG CoA reductase inhibitor has been observed which is useful for the treatment of atherosclerosis and xanthoma. (EP 0 753 298), It is known that PPARy plays an important role in adipocyte differentiation (Cell, (1996) 87, 377-389). Ligand activation of PPAR is sufficient to cause complete terminal differentiation (Cell, (1994) 79, 1147-1156) including cell cycle withdrawal. PPARy is consistently expressed in certain cells and activation of this nuclear receptor with PPARy agonists would stimulate the terminal differentiation of adipocyte precious and cause morphological and molecular changes characteristics of a more differentiated, less malignant state (Molecular Cell, (1998), 465-470; Carcinogenesis, (1998), 1949-53 ; Proc. Natl. Acad. Sci., (1997) 94, 237-241) and inhibition of expression of prostate cancer tissue (Cancer Research (1998), 58 ; 3344-3352). This would be useful in the treatment of certain types of cancer, which express PPARy and could lead to a quite nontoxic chemotherapy. Leptin resistance is a condition wherein the target cells are mixable to respond to lepton signal. This may give rise to obesity due to excess food intake and reduced energy expenditure and cause impaired glucose tolerance, type 2 diabetes, cardiovascular diseases and such other interrelated complications. Allen et al (Proc, Natl. Acad. Sci., (1996) 93, 5793-5796) have reported that insulin sensitizers which perhaps due to their PPAR agonist expression lower plasma leptin concentrations. However, it has been recently disclosed that compounds having insulin sensitizing property also possess leptin sensitization activity. They lower the circulating plasma leptin concentrations by improving the target cell response to leptin (WO 98/02159). A few p-aryl-a-hydroxy propionic acids, their derivatives and their analogs have been reported to be useful in the treatment of hyperglycemia, hyperlipidemia and hypercholesterolemia. Some of such compounds described in the prior art are outlined below: iii) International Patent Application WO 94/13650, WO 94/01420 and WO 95/17394 disclose the compounds of general formula (11 g) represent aromatic heterocycle; A represents substituted benzene ring and A represents moiety of formula (CH2)ni-CH-(0R), wherein R represents alkyl groups, m is an integer of 1 to 5; X represents substituted or unsubstituted N; Y represents C=0 or C=S; R represents OR where Ris alkyl, a alkyl or aryl group and n is integer in the range of 2-6. An example of these compounds is shown in formula (II h) Summary of the Invention With an objective to develop novel compounds for the treatment and / or prophylaxis of diseases related to increased levels of lipids, atherosclerosis, coronary artery diseases, especially to treat hypertriglyceridemia and to lower free fatty acids, for the treatment and / or prophylaxis of diseases described as Syndrome-X which include hyperlipidemia, hyperinsulinemia, obesity, insulin resistance, insulin resistance leading to type 2 diabetes and diabetes complications thereof, for the treatment of diseases wherein insulin resistance is the path physiological jnechanisni, for the treatment of .-hypertension, atherosclerosis and coronary artery diseases with better efficacy, potency and lower toxicity, we focussed oxu* research to develop new compounds effective in the treatment of above mentioned diseases. Effort in this direction has led to compounds having general formula (I). The main objective of the present invention is therefore, to provide novel p-aryl-a-ox substituted alkyl carboxylic acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them or their mixtures. Another objective of the present invention is to provide novel p-aryl-a-oxysubstituted alkyl carboxylic acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them or their mixtures which may have agonist activity against PPARa and / or PPARy, and optionally inhibit HMG CoA reductase, in addition to agonist activity against PPARa and / or PPARy. Another objective of the present invention, is to provide novel p-aryl-a-oxysubstituted alkylcarboxyUc acids and their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts, their pharmaceutically acceptable solvates and pharmaceutical compositions containing them or their mixtures having enhanced activities, without toxic effect or with reduced toxic effect. Yet another objective of the present invention is to provide a process for the preparation of novel p-aryl-a-oxysubstituted alkyl carboxylic acids and their derivatives of the formula (I) as defined above, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts and their pharmaceutically acceptable solvates. Still another objective of the present invention is to provide pharmaceutical compositions containing compounds of the Gerald formula (I), their analogs, their derivatives, their tautomers, their stereoisomers, their polymorphs, their salts, their solvates or their mixtures in combination with suitable carriers, solvents, diluents and other media normally employed in preparing such compositions. Detailed Description of the Invention The present invention is related to compounds having the general formula (I) 9 hydroxy, nitro, cyano, formyl or unsubstituted or substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, a alkyl, arajkoxy, heterocyclyl, heteroaryl, heteroaralkyi, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, monoalkylamino, dialkylamine, arylamino, aralkylannno, amino alkyl, alkoxycarbonyl, aryloxycaibonyl, aryloxycaibonyl, alkoxyalkyl, aryloxyalkyl, Ar alkoxyalkyl, alkyllithium, haloalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aryloxycarbonylamino, carboxylic acid or its derivatives; or sulfonic acid or its derivatives; the ring A fused to the ring containing X and N represent a 5-6 membered cycad structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen atoms, which may optionally be substituted; the ring A may be saturate or contain one or more double bonds or may be aromatic; X represents a heteroatoms selected from oxygen, sulfur or NR where R is hydrogen, alkyl, aryl, a alkyl, acyl, alkoxycarbonyl, aryloxycarbonyl or aryloxycaibonyl ; Ar represents an unsubstituted or substituted divalent single or fused aromatic or heterocyclic group; R represents hydrogen atom, hydroxy, alkoxy, halogen, lower alkyl or unsubstituted or substituted a alkyl group or substituted; aralkylamino grip such as C6H5CH2NH, C6H5CH2CH2NIJ, C6H5CH2NCH3 and the like, which may be substituted; alkoxycarbonyl such as methoxycarbonyl, ethoxycaibonyl and the like, the alkoxycarbonyl group may substituted; aryloxycarbdnyl group such as phenoxycaibonyl, nhthyloxycaibonyl and the like, the aryloxycarbonyl group may be substituted; aralkoxycarbonyl group such as benayloxycaibonyl, phenethyloxycarbonyl, naphthylmethoxycarbonyl and the like, which may be substituted; monoalkylamino group such as NHCH3, NHC2H5, NHC3H7, Nacho and the like, which may be substituted; diaUcylamino group such as N(CH3)2, NCH3(C2H5) and the like, which may be substituted; alkoxyalkyl group such as methoxymethyl, methoxymethyl, methoxyethyl, ethoxyethyl and the like, the alkoxyalkyl group may be substituted; aryloxyalkyl group such as C6H5OCH2, C6H5OCH2CH2, naphthyloxymethyl and the like, which may be substituted; Ar alkoxyalkyl group such as C6H5CH2OCH2, C6H5CH2OCH2CH2 and the like, which may be substituted; heteroaryloxy and heteroaralkoxy, wherein heteroaryl and heteroaralkyi moieties are as defined earlier and may be substituted; aryloxy group such as phenoxy, naphthyl and the like, the aryloxy group may be substituted; arylamino group such as HNC6H5, NCH3(C6H5), NHC6H4CH3, NHC6H4-Hal and the like, the arylamino group may be substituted; amino group; amino(Ci-C6)alkyl, which may be substituted; hydroxy(CrC6)alkyl, which may be substituted; (Ci-C6)alkoxy such as methoxy, ethoxy, prophylaxis, butlery, isO- prophylaxis and the like, which may be substituted; thio(Ci-C6)alkyl, which may be substituted; alkyllithium, which may be substituted; acyl group such as acetyl, propionic, benzoyl and the like, the acyl group may be substituted; acylamino groups such as NHCOCH3, NHCOC2H5. NHCOC3H7. NHCOC6H5 and the like, which may be substituted; aralkoxycarbonylamino group such as NHCOOCHaCeHs, NHCOOCH2CH2C6H5, N(CH3)COOCH2C6H5. N(C2H5)COOCH2C6H5. NHCOOCH2C6H4CH3, NHCOOCH2C6H4OCH3 and the like, the aralkoxycarbonylamino group may be substituted; aryloxycarbonylamino group such as NHCOOC6H5, NHCOOCeHs, NCH3COOC6H5, NC2H5COOC6H5, NHCOOC6H4CH3, NHCOOC6H4OCH3 and , the aryloxycarbonylamino group may be substituted; alkoxycaibonylamino group such as NHCOOC2H5, NHCOOCH3 and the Nuke, the alkoxycarbonylamino group may be substituted; carboxylic acid or its derivatives such as amides, like CONH2, Comm, C0NMe2, Conches, C0NEt2, Compo and the nhthyloxycarbonyl and the like; aralkoxycarbonyl such as benzyloxycarbonyl, phenethyloxycarbonyl and the like; the groups represented by R1 may be substituted or unsubstituted. When the groups represented by R” are substituted, the substituents may be salted from halogen, optionally alienated lower alkyl, hydroxy, optionally homogenate (C1-C3)alkoxy groups. The group represented by Ar includes substituted or unsubstituted groups selected from divalent perylene, naphthalene, pyridyl, quinolines, benzo furyl, benzopyranyl, benzoxazolyl, benzo thiazolyl, indole, indoline, azaindolyl, azaindolinyl, indenyl, dihydrobenzofuryl, dihydrobenzopyranyl, pyrazolyl and the like. The substituents on the group represented by Ar include linear or branched optionally homogenate (Ci-C6)alkyl, optionally homogenate , halogen, acyl, amino, acylamino, thio, carboxylic or sulfonic acids or their derivatives. The substituents are defined as they are for It is more preferred that Ar represents a substituted or unsubstituted divalent perylene, methylene, benzofuranyl, indole, indoline, quinolines, azaindolyl, azaindoUnyl, benzo thiazolyl or benzoxazolyl groups. It is still more preferred that Ar represents divalent phenylene or benzofuranyl, which may be unsubstituted or substituted by methyl, halo methyl, methoxy or halomethoxy groups. Suitable R” includes hydrogen, hydroxy, halogen atom such as fluorine, chlorine, bromine or iodine; lower alkyl groups such as methyl, ethyl or propyl; (C1-C3)alkoxy group such methoxy, ethoxy, propoxy and the like; a alkyl such as benzyl, phenethyl and the like, which may be unsubstituted or substituted with halogen, hydroxy, (C-C3)alkyl, (C1i-C3)alkoxy, benzyloxy, acetyl, acetyl groups or R together with R” represent a bond. Suitable R” may be hydrogen, hydroxy, halogen atom such as fluorine, chlorine, bromine or iodine; lower alkyl groups such as methyl, ethyl or propyl; (C1-C3)alkoxy group such methoxy, ethoxy, propoxy and the like; linear or branched (C2-Cio)acyl group such as acetyl, propanoyl, butanol, pentanoyl, benzoyl and the like; a alkyl such as benzyl, phenethyl, which may be unsubstituted or substituted with halogen, hydroxy, (C1-C3)alkyl, (C1-C3)alkoxy, benzyloxy, acetyl, acetyl groups or together with R1forms a bond. It is preferred that R and R represent hydrogen atom or R and Together represent a bond. Suitable groups represented by R may be selected film hydrogen, linear or branched alkyl, preferably (Ci-Ci2)alkyl group such as methyl, ethyl, n-propyl, iso-propyl, n-butyl, iso-butyl,pentyl, hexyl, octyl and the like, the alkyl group may be substituted; (C3-C7)cycloalkyl group such as cyclopropyl, cyclobutyl, cyclo pentyl, cyclohexyl, and the like, the cycloalkyl group may be substituted; aryl group such as phenyl, naphthyl and the like, the aryl group may be substituted; heteroaryl group such as pyridyl, thienyl, furyl and the like, the heteroaryl group may be substituted; heteroaralkyl group such as furanmethyl, pyridine methyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkyl group wherein the aryl group is as defined earlier and the alkyl moiety may contain atoms such as benzyl, phenethyl and the like, wherein the aralkyl group may be substituted; heterocyclyl group such as aziridinyl, pyrrolidinyl, piperidinyl and the like, the heterocyclyl group may be substituted; C6)alkoxy(Ci-C6)alkyl group such as methoxymethyl, methoxymethyl, methoxyethyl, ethoxy propyl and the like, the alkoxyalkyl group may be substituted; acyl group such as acetyl, propanoyl, butanol, benzoyl and the like, the acyl group may be substituted; alkoxycarbonyl such as methoxycarbonyl, ethoxycarbonyl and the like, the alkoxycarbonyl group may be substituted; aryloxycarbonyl such as phenoxycarbonyl, naphthyloxycarbonyl and the like, the aryloxycarbonyl group may be substituted; alkylaminocarbonyl, the alkyl group may be substituted; arylaminocarbonyl such as Poncho, naphthylaminocarbonyl, the aryl moiety may be substituted. The substituents may be selected from halogen, hydroxy, nitro or unsubstituted or substituted groups selected film alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, araloxy, alkoxycarbonyl, alkyIamino, alkoxyalkyl, aryloxyalkyl, alkyllithium, haloalkyl groups, carboxy acid or its derivatives, or sulfonic acid or its derivatives. These substituents are as defined above. Suitable groups represented by R may be selected hydrogen, linear or branched (C1-C16)alkyl, preferably (C1-C12)alkyl group such as methyl, ethyl, n-propyl. iso-propyl, n-butyl, iso-butyl, pentyl, hexyl, octyl and the like, the alkyl group may be substituted; (C3-C7)cycloalkyl such as cyclopropyl, cyclo pentyl, cyclohexyl and the like, the cycloalkyl group may be substituted; aryl group such as phenyl, naphthyl and the like, the aryl group may be substituted; heteroaryl group such as pyridyl, thienyl, full and the like, the heteroaryl group may be substituted; heteroaralkyl groin such as furanmethyl, pyridine methyl, oxazolemethyl, oxazolethyl and the like, the heteroaralkyl group may be substituted; aralkyl group such as benzyl, phenethyl and the like, the aralkyl group may be substituted; heterocyclyl group such as aziridinyl, pyrrolidinyl, piperidinyl and the like, the heterocyclyl group may be substituted. The substituents may be selected from halogen, hydroxy, formyl, nitro or unsubstituted or substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aralkyl, aralkoxyalkyl, heterocyclyl, heteroaryl, heteroaralkyl, acyl, acyloxy, hydroxyalkyl, amino, acylamino, arylamino, aminoalkyl, aryloxy, araloxy, alkoxycarbonyl, alkyIamino, alkoxyalkyl, aryloxyalkyl, alkyllithium, dialkyl groups, carboxylic acid or its derivatives, or sulfonic acid or its derivatives. These substituents are as defined above. Suitable groups represented by R”“ may be selected hydrogen, linear or branched (Ci-Ci6)alkyl, preferably (CrCi2)alkyl; hydroxy(CrC6)alkyl; aryl group such as phenyl, naphthyl and the like; aralkyl group such as benzyl, phenethyl and the like; heterocyclyl group such as aziridinyl, pyridinyi, piperidinyl and the like; heteroaryl group such as pyridyl, thienyl, furl and the like; heteroaralkyl group such as furanmethyl, pyridinwnethyl, oxazolemethyl, oxazolethyl and the like. Suitable ring structures formed by R and R together may be selected from pyrrolidinyl, piperidinyl, morpholinyl, piperazinyl and the like. Suitable m is an integer ranging from 0-1, It is preferred that when m = 0, Ar represents a divalent benzofuranyl, benzoxazolyl, benzo thiazolyl, indole, indoline, dihydrobenzofizryl, dihydrobenzopyranyl groups, preferably benzofuranyl group and when m = 1, Ar represents divalent propylene, methylene, pyridyl, quinolines, benzofuranyl, benzoxazolyl, benzo thiazolyl, indole, indoline, azaindolyl, azaindolinyl, indenyl, dihydrobenzofiiryl, benzopyranyl, dihydrobenzopyranyl, pyrazolyl groups. It is preferred that when m = 0, Ar represents a divalent benzofiuBnyl group, more preferably benzofixran-2,5-diyl group, and when m = 1, Ar represents a phenylene group Suitable n is an integer ranging from 1 to 4, preferably n represents an integer 1 or 2, It is preferred that when m = 1, n represents 2. It is also preferred that when m = 0, n represents 1. Pharmaceutically acceptable salts forming part of this invention include salts of the carboxylic acid moiety such as alkali metal salts like Li, Na, and K salts; alkaline earth metal salts like Ca and Mg salts; salts of organic bases such as diethanolamine, choline and the like; chiral bases like alkyl phenyl anywise, phenyl glycine and the like; natural aminoacids such as lysine, arginine, guanidine, and the like; unnatural aminoacids such as D-isomers or substituted aminoacids; ammonium or substituted ammonium salts and aluminum salts. Salts may include acid addition salts where appropriate which are, sulphate, nitrates, phosphates, perchlorates, borates, hydrohalides, acetates, tartrates, macerates, citrates, succinates, palmate, methanesulphonates, benzoates, salicylates, hydroxynaphthoates, benzenesulfonates, ascoibates, glycerophosphates, ketoglutarates and the like. Pharmaceutically acceptable solvates may be hydrates or comprising other solvents of crystallization such as alcohols. The pharmaceutically acceptable salts forming part of this invention are found to have good solubility, which is one of the essential properties for pharmaceutical compounds. Particularly useful compounds according to the present invention include : Ethyl (E/Z)-3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropenoate; Ethyl (E)-3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropenoate; Ethyl (Z)-3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropenoate; Ethyl (E/Z)-3-[2-(phenothiazin-l()-yl)methylbenzofuran-5-yl]-2-ethoxypropenoate; Ethyl (E)-3-[2-(phenothiazin-10-yl)methylben2ofuran-5-yl]-2-ethoxypropenoate; Ethyl (Z)-3-[2-(phenothiazin-10-yl)methylbenzofuran-5-yl]-2-ethoxypropenoate; Ethyl (E/Z)-3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-ethoxypropenoate; Ethyl (E)-3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropenoate; Ethyl (Z)-3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-ethoxypropenoate ; (±) Methyl 3-[4-[2-”henothia2m-10-yl)ethoxy]phenyl]-2-ethoxypropanoate; (+) Methyl 3-[4-[2-(phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate; (-) Methyl 3-[4-[2-(phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate ; (±) Methyl 3-[2-(phenothiazih-10-yl)methylbeiizofuran-5-yl]-2-ethoxypropanoate; (H-) Methyl 3-[2-(phenothiazin-10-yl)methylben2ofuran-5-yl]-2-ethoxypropanoate; (-) Methyl 3-[2-(phenothiaziii-10-yl)methylbenzofuran-5-yl]-2-ethoxypropanoate; (±) Methyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate; (+) Methyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate ; (-) Methyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate; (±) Ethyl 3-[4-[2-(phenoxazm-10-yl)ethoxy]phenyl]-2-ethoxypropanoate; (+) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoate ; (-) Ethyl 3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-ethoxypropanoate ; (±) Ethyl 3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-hydroxypropanoate ; (+) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-hydroxypropanoate ; (-) Ethyl 3-[4-[2-(phenoxazinnl0-yl)ethoxy]phenyl]-2-hydroxypropanoate; (±) Ethyl 3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-butoxypropanoate; (+) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethdxy]phenyl]-2-butoxypropanoate; (-) Ethyl 3-[4-[2-(phenoxa2m-10-yl)ethoxy]phenyl]-2-butoxypropanoate; (±) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-hexyloxypropanoate; (+) Ethyl 3-[4-[2-(ph”ioxazm-10-yl)ethoxy]phenyl]-2-hexyloxypropanoate; (-) Ethyl 3-[4-[2-”henoxazm-10-yl)ethoxy]phenyl]-2-hexyloxypropanoate; (±) Ethyl 3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (+) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (-) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (±) Methyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (+) Methyl 3-[4-[2-(phenoxa2in-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (-) Methyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoate; (±) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid and its salts ; (+) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid and its salts ; (-) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid and its salts ; (±) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (+) 3-[4-[2-(Phenothia2in-10-yl)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (-) 3-[4-[2-(Phenothia2in-10-yl)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (±) 3-[4-[2-(Phenothia2in-10-yl)ethoxy]phenylJ-2-phenoxypropanoic aecia Ana ibis sails; (+) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoic acid and its salts ; (-) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoic acid and its salts ; (±) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid and its salts; (+) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-phenoxy--2-methylpropanoic acid and its salts; (-) 3-[4-[2-(Phenothia2in-10ryl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid and its salts; (±) 3-[2-(PhenotMazin-10-yl)methylbenzofimin-5-yl]-2-ethoxypropanoic acid and its salts; (+) 3-[2-(Phenothiazin-10-yl)methylben2ofuran-5-yl]-2-ethoxypropanoic acid and its salts; (-) 3-[2-(PhenotWazin-10-yl)methylbenzofuran-5-yl]-2-ethoxypropanoic acid and its salts; (±) 3-[4-[2-(Phenoxazin"10-yf)ethoxy]phenyl]-2-ethoxypropanoic acid and its salts; (+) 3"[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid and its salts ; (") 3-[4-[2-(Phenoxazin-10-yl)ethoxy3phenyl]-2-ethoxypropanoic acid and its salts ; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (+) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (.) 3-[4-[2-(Phenoxazin-10-yI)ethoxy]phenyl]-2-ethoxy-2-methylpropanoic acid and its salts; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoic acid and its salts; (+) 3-[4-[2-(Phenoxa2in-10-yl)ethoxy]phenyI]-2-phenoxypropanoic acid and its salts ; (-) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoic acid and its salts; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid and its salts; (+) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid and its salts; (-) 3-[4-[2-(Ph”ioxazin-10-yl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid and its salts; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hydroxypropanoic acid and its salts ; (+) 3-[4-[2-(Phenoxa2in-10-yl)ethoxy]phenyl]-2-hydroxypropanoic acid and its salts ; (-) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hydroxypropanoic acid and its salts ; (±) 3-[4-[2-(Phenoxa2in-10-yl)ethoxy]phenyl]-2-butoxypropanoic acid and its salts ; (+) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-butoxypropanoic acid and its salts ; (-) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-butoxypropanoic acid and its salts ; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hexyloxypropanoic acid and its salts ; (+) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hexyloxypropanoic acid and its salts; (") 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hexyloxypropanoic acid and its salts ; [(2R)-N(less)]-3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxy-N-(2-hydro phenyl ethyl)propanamide; [(2S)-N(lS)]-3-[4-[2 general formula (ID) may be carried out in the presence of a base such as alkali media hydrides like Nasal, KH or organolithiums like Chalet, Bulk and the like or alkoxides such as Naomi, Naked, Kibosh' or mixtures thereof The reaction may be carried out in presence of solvents such as THF, dioxane, DMF, DMSO, DME and the like or mixtures thereof HMPA may be used as co solvent The reaction temperature may range from -78 ""C to 50 ""C, preferably at a temperature in the range of -10 ""C to 30 °C, The compound of general formula (HI b) may be prepared according to the procedure described in the literature (Annealed. Chemie, (1996) 53,699). Alliteratively, the compound of formula (III) may be prepared by reacting the pompom of formula (Ilia) where all symbols are as defined earlier with Witting reagents such as HalTH3P”CH-(OR”)C02R* under similar reaction conditions as described above. Route (2) : The reaction of a compound of the general formula (Ilia) where all symbols are as defined earlier with a compound of formula (Hoe) where R represents hydrogen atom and R” and R” are as defined earlier may be carried out in the presence of a base. The base is not critical. Any base normally employed for ado condensation reaction may be employed; bases like metal hydride such as NaH or KH; metal alkoxides such as ; metal amides such as LiNH2 or Line(PR)2 may be used. Aprotic solvent such as THF, ether or dioxane may be used. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, or He and the reaction is more effective under anhydrous conditions. Temperature in &e range of-80 °C to 35 **C may be used. The p-hydroxy product initially produced may be dehydrated under conventional dehydration conditions such as treating with PTSA in solvents such as benzene or toluene. The nature of solvent and dehydrating agent is not critical. Temperature in the range of 20 to reflux temperature of the solvent used may be employed, preferably at reflux temperature of the solvent by continuums removal of water using a Dean Stark water separator. Route (3): The reaction of cowpox of formula (Hoe) where L' is a leaving group such as halogen atom, p-toluenesulfonate, methanesulphonates, trifluoromethanesulfonate and the like and all other symbols are as defined earlier with a compound of formula (Hid) where R”, R” and Ar are as defined earlier to produce a compound of the formula (HI) 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 Acetone may be used as solvent when NAACO’s or K2CO3 is used as a base. The reaction temperature may range from 0 - 120 preferably at a temperature in the range of 30 - 100 The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. The compound of formula (Hid) can be prepared according to known procedure by a Witting Homer reaction between the protected hydroxy aryl aldehyde such as benzyloxyaryl aldehyde and compound of formula (nib), followed by reduction of double bond and deprotection. Route (4): The reaction of a compound of general formula (lug) where all symbols are as defined earlier with a compound of general formula (mf) where all symbols are as defined earlier and L” is a leaving group such as halogen atom, p-toluenesulfonate, methanesulphonates, trifluoromethanesulfonate and the like, preferably a halogen atom to produce a compound of general formula (HI) may be carried out in the presence of solvents such as Dso DMF, DME, THF, dioxane, ether and the like or a combination thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as alkalis like sodium hydroxide, potassium hydroxide and the like; alkali metal carbonates like sodium carbonate, potassium carbonate and the like; alkali metal hydrides such as sodium hydride, potassium hydride and the like; organ metallic bases like n-butyl lithium; alkali metal amides like sod amide or mixtures thereof The amount of base may range fix)m 1 to 5 equivalents, based on the amount of the compound of formula (nig),"preferably"fe 1 to 3 equivalents. Phase transfer catalysts such as tetraalkylammonium halide or hydroxide may be added. The reaction may be carried out at a temperature in the range of 0 to 150 preferably at a temperature in the range of 15 , The duration of the reaction may range from 0.25 to 48 hours, preferably from 0.25 to 12 hours. Route (5): The reaction of compound of general formula (Hal) where all symbols are as defined earlier with a compound of general formula (Led) where all symbols are as defined above may be carried out using suitable coupling agents such as di cyclohexyl urea, triaxylphosphine/dialkylazadicarboxylate such as Phi / DEAD and the like. The reaction may be carried out in the presence of solvents such as THF, DME, CH2CI2, CHCI3, toluene, acetonitrile, caibontetrachloride and the like. The inert atmosphere may be maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of 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 preferably at a temperature in the range of 20 °C to 80 *"€. The duration of the reaction may range fiow 0.5 to 24 hours, preferably fix)m 6 to 12 hours. Route 6 : The reaction of a compound of formula (Ill) where all symbols are as defined earlier with a compound of formula (Fiji) where R = R and are as defined earlier excluding hydrogen, to produce a compound of the formula (EI) where all symbols are as defined earlier may be carried out neat in the presence of a base such as alkali metal hydrides like NaH or KH or organolitiiiums like CH3Li, Bali and the like or alkoxides such as Naomi, Note, Ku' and the like or mixtures thereof The reaction may be carried out in the presence of aprotic solvents such as THF, dioxane, DMF, DMSO, DME and. the like or mixtures thereof HMPA may be used as co solvent. The reaction temperature may range fix)m -78 ®C to 100 °C, preferably at a temperature in the range of -10'Cto50 According to another embodiment of the present invention, the compound of the general formula (I) where R represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl or unsubstituted or substituted aralkyl group, R represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl or unsubstituted or substituted aralkyl group, defined earlier and Y represents oxygen atom can be prepared by one or more of the processes shown m Scheme - H: Route (7) : The reduction of pompom of the formula (III) which represents a compound of formula (I) when R and R together represent a bond and Y represents an oxygen atom and all other symbols are as defined above may be obtained as described earlier in Scheme-I, to yield a compound of the general formula (I) where R and R each represent hydrogen atom and all symbols are as defined earlier, may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rho/C, Pt/C, and the like. also be conducted in the presence of solvents such as dioxane, acetic acid, ethyl acetate, ethanol and the like. The nature of the solvent is not critical. A pressure between atmospheric pressure and 80 psi may be employed. Higher pressures may be used to reduce the reaction time. The catalyst may be preferably 5 - 10 % Pd/C and the amoimt of catalyst used may range from 1 - 50 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in alcohol or sodium amalgam in alcohol. The hydrogenation may be carried out in the presence of metal catalysts containing chiral ligand to obtain a compound of formula (I) in optically active form. The metal catalyst may contain Rhodium, Ruthenium, Indium and the like. The chiral Ugand may preferably be chiral phosphane such as (2S,3S)-bis(triphenylphosphine)butane, 1,2-bis(triphenylphosphine)ethane, l,2-bis(2-methoxyphenylphosphino)ethane, (-)-2,3-isopropylidene-2,3-dihydroxy7l,4-bis(diphenyl phosphine)butane and the like. Any suitable chiral catalyst may be employed which would give required optical purity of the product (I) (Ref: Principles of Asymmetric Synthesis, Teat. Org. Chem. Series Viol 14, pp311-316, Ed. Baldwin J. E.). Route (8) : The reaction of compound of formula (la) where R is as defined earner excluding hydrogen and all other symbols are as defined earlier and L” is a leaving group such as halogen atom with an alcohol of general formula (lb), where R' is as defined earlier excluding hydrogen 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 KOH, NaOH, Naomi, Note, Ku" or NaH or mixtures thereof. Phase transfer catalysts such as tetraalkylammonium halides or hydroxides may be employed. The reaction temperature may range from 20 - 120 preferably at a temperature in the range of 30 - 100 . The duration of the reaction may range from 1 to 12 hours, preferably from 2 to 6 hoaxers. The compound of formula (la) may be prepared according to the process disclosed in our international application No. US98/10612. Route (9) : The reaction of compound of formula (Die) defined earlier with compound of formula (Ic) where all symbols are as defined early 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 men atmosphere which is maintained by using inert gases such as N2, Ar or He. The reaction may be effected m the presence of a base such as K2CO3, Na2C03 or NaH or mixtures thereof Acetone may be used as a solvent when K2CO3 or Na2C03 is used as a base. The reaction temperature may range from 20 - 120 preferably at a Temperature in the range of 30 . The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. The compound of formula (Ic) may be prepared by Witting Homer reaction between the protected hydroxyaryl aldehyde and compound of formula (mb) followed by reduction of the double bond and deprotection. Alternatively, the compound of formula (Ic) may be prepared by following a procedure disclosed in WO 94/01420. Route (10) : The reaction of compound of general formula (Ila) defined earlier with a compound of general formula (Ic) where all symbols are as defined earlier may be carried out using suitable coupling agents such as di cyclohexyl urea, triarylphosphine/dialkylazadicarboxylate such as PHs / 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 or 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 equivalrats. The reaction temperature may be in the range of 0 °C to 100 “'C, preferably at a temperature in the range of 20 The duration of the reaction may range fix)m 0.5 to 24 hours, preferably from 6 to 12 hours. Route (11) : The reaction of compound of formula (Id), which represents a compound of formula (J) where all symbols are as defined earlier, with a compound of formula (le) where R represents unsubstituted or substituted groups selected fix>m alkyl, cycloalkyl, , alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl or heteroaralkyl groups and Hal represents CI, Br or I, to produce a compound of formula (I) may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like. The inert atmosphere may be maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as KOH, NaOH, Naomi, KABUL", NaH and the like. Phase transfer catalyst such as tetraalkylammonium halides or hydroxides may be employed. The reaction temperature may range from 20 preferably at a temperature in the range of 30 to 100 The duration of the reaction may range from 1 to 24 hours, preferably from 2 to 12 hours. The compound of formula (Id) represents compound of formula (I) where R” represents H and Y represents oxygen atom. Route (12) : The reaction of a compound of the general formula (Daly) defined earlier with a compound of formula- (Hoe) where R is hydrogen, R and R are as defined earlier may be carried out under conventional conditions. The base is not critical. Any base normally employed for ado condensation reaction may be employed, like, metal hydrides such as NaH, KH and the like, metal alkoxides such as Naomi, Kabul", Note and the like, metal amides such as LiOH, Linn(ipr)2 and the like. Aprotic solvent such as THF, ether, dioxane may be used. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar, or He and the reaction is more effective madder anhydrous conditions. Temperature in the range of -80 “C to 25 °C may be used. The p-hydroxy ado product may be dehydroxylated using conventional methods, conveniently by ionic hydrogenation technique such as by treating with a dialkyl silane in the presence of an acid such as trifluoroacetic acid. Solvent such as CH2CI2 may be used. Favorably, reaction proceeds at 25 ®C. Higher temperature may be employed if the reaction is slow. Route (13) : The reaction of a compound of general formula (Ill) where all symbols are as defined earlier with a compound of general formula (If) where L' is a leaving group such as halogen atom, p-toluenesulfonate, methanesulphonates, trifluoromethanesulfonate andtiieJike, preferably a halogen atom and all other symbols are as defined earlier to produce a compound of general formula (I) may be carried out in the presence of solvents such as DMSO, DMF, DME, THF, dioxane, ether and the like or a combination thereof The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as alkalis like sodium hydroxide, potassium hydroxide and the like; alkali metal carbonates like sodium carbonate, potassium carbonate and the like; alkali metal hydrides such as sodium hydride, potassium hydride and the like; organ metallic bases like n-butyl lithium, alkali metal amides like sod amide or mixtures thereof. The amount of base may range from 1 to 5 equivalents, based on the amount of the compound of formula (Ill), preferably the amoimt of base ranges from 1 to 3 equivalents. The reaction may be carried out in the presence of phase transfer catalysts such as tetraalkylammonium halides or hydroxides. The reaction may be carried out at a temperature in the range of 0 to 150 , preferably at a temperature in the range of 15 OC to 100 co. The diiration of the reaction may range from 0.25 to 24 hours, preferably from 0.25 to 12 hours. Route 14 : The conversion of compound of formula (Ig) where all symbols are as defined earlier to a compound of formula (I) where all symbols are as defined earlier may be carried out either in the presence of base or acid and the selection of base or acid is not critical. Any base normally used for hydrolysis of nitrile to acid may be employed, metal hydroxides such as NaOH or KOH in an aqueous solvent or any acid normally used for hydrolysis of nitrile to ester may be employed such as dry Hal in an excess of alcohol such as methmiol, ethanol, propane and the like. The reaction may be carried out at a temperature in the range of 0 to reflux temperature of the solvent used, preferably at a temperature in the range of 25 to reflux temperature of the solvent used. The dilution of the reaction may range from 0.25 to 48 hrs. Route 15 : The reaction of a compound of formula (Ih) where R” is as defined earlier excluding hydrogen atom and all other symbols are as defined earlier with a compound of formula (lb) where R” is as defined earlier excluding hydrogen to produce a compound of formula (J) (by a rhodium carbonic mediated insertion reaction) may be carried out in the presence of rhodium (11) salts such as iridium (II) acetate. The reaction may be carried out in the presence of solvents such as benzene, toluene, dioxane, ether, THF and the like or a combination thereof or when practicable in the presence of R OH as solvent at any temperature providing a convenient rate of formation of the required product, genuinely at an elevated temperature, such as reflux temperature of the solvent. The inert atmosphere may be maintained by using inert gases such as N2, Ar or He. The duration of the reaction may range from 0.5 to 24 h, preferably from 0.5 to 6 h. The compound of formula (I) where R represents hydrogen atom may be prepared by hydrolyzing, using conventional methods, a compound of formula (I) where R represents all groups defined earlier except hydrogen. The hydrolysis may be carried out in the presence of a base such as Na2C03 and a suitable solvent such as methmiol, ethanol and the like or mixtures thereof. The reaction may be carried out at a temperature in the range of 20 'C - 40 , preferably at 25 - 30 The reaction time may range from 2 to 12 h, preferably from 4 to 8 h. The compound of general formula (I) where Y represents oxygen and R represents hydrogen or lower alkyl groups and all other symbols are as defined earner may be converted to compound of formula (I), where Y represents NR by reaction with appropriate amines of the formula NHR R where R and R are as defined earlier. Alliteratively, the compound of formula (I) where YR represents OH may be converted to acid hade, preferably YR = CI, by reacting with appropriate reagents such as orally chloride, thionyl chloride and the like, followed by treatment with amines of the formula NHR”R*” where R” and R”“ are as defined earlier. Alternatively, mixed anhydrides may be prepared from compound of formula (I) where YR represents OH and all other symbols are as defined earlier by treating with acid halides such acetyl chloride, acetyl bromide, livelily chloride, dichlorobenzoyl chloride and the like. The reaction may be carried out in the presence of suitable base such as pyridine, triethylamine, isopropyl ethyl amine and the like. Solvents such as homogenates hydro like CHCI3, CH2CI2, hydrocarbons such as benzene, toluene, xylene and the like may be used. The reaction may be carried out at a temperature in the range of-40 to 40 , preferably 0 C to 20 C. The acid halide or mixed anhydride thus prepared may further be treated with appropriate amines of the formula NHR”R”“ where R” and R*” are as defined earlier. where Ar represents an unsubstituted or substituted divalent single or fused aromatic or heterocyclic group; R represents hydrogen atom, hydroxy, acuity, halogen, lower alkyl or unsubstituted or substituted aralkyl group or forms a bond together with the adjacent group R ; R represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl or unsubstituted or substituted aralkyl or R” forms a bond together with R ; R represents hydrogen or unsubstituted or substituted groups selected acyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycaibonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl or heteroaralkyl groups; R represents hydrogen or unsubstituted or substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaryl or heteroaralkyl groups; n is an integer ranging from 1- 4; m is an integer 0 or 1 and L is a leaving group such as halogen atom, p- toluenesulfonate, methanesulphonates, trifluoromethanesulfonate and the like, preferably a halogen atom and a process for its preparation and its use in the preparation of P-aryl-a- substituted hydroxyalkanoic acids is provided. The compound of formula (If) where m = 0 and all other symbols are as defined may be prepared by reacting a compound of formula (Ic) where and Ar are as defined earner, with a compound of formula (li) organolithiums like Cholic, Bulk and the like or alkoxides such as Naomi, NOe, Ku' and the like or mixtures thereof. The reaction may be carried out in presence of solvents such as THF, dioxane, DMF, DMSO, DME and the like or mixtm-es thereof HMPA may be used as co solvent. The reaction temperature may range from -78 °C to 50 ""C, preferably at a temperature in the range of -10 ""C to 30 "*€. The reduction of compound of the formula (Illf) may be carried out in the presence of gaseous hydrogen and a catalyst such as Pd/C, Rh/C, Pt/C, and the like. Mixtures of catalysts may be used. The reaction may also be conducted in the presence of solvents such as dioxane, acetic acid, ethyl acetate, ethanol and the like. The nature of the solvent is not critical. A pressure between atmospheric pressure and 80 psi may be employed. Higher pressures may be used to reduce the reaction time. The catalyst may be preferably 5-10 % Pd/C and the amount of catalyst used may range from 1 - 50 % w/w. The reaction may also be carried out by employing metal solvent reduction such as magnesium in alcohol or sodium amalgam in alcohol. In another embodiment of the present invention there is provided a novel intermediate of foraiula (Ig) where R” R”, R” and R” may be the same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl or unsubstituted or substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aryl, aryloxy, araUcyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyl, amino, acylamino, monoalkylamino, dialkylamino, arylamino, aralkylamino, aminoalkyl, alkoxycarbonyl, aryloxyc”onyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyaDcyl, aJkylthib' thfoalky'l; alkoxycafbonyramino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; the ring A ftised to the ring containing X and N represents, a 5-6 membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen atoms, which may optionally be substituted; the ring A may be saturated or contain one or more double bonds or may be aromatic; X represents a heteroatom selected from oxygen, sulfiu* or NR” where R” is hydrogen, alkyl, aryl, aralkyl, acyl, alkoxycarbonyl, aryloxycarbonyl or aralkoxycairbonyl “ The compound of formula (Ig) where R” and R” each represent hydrogen atoms and all other symbols are as defined earlier is prepared by a process outlined in Scheme-in. Scheme in The reaction of a compoiind of formula (Ilia) where all symbols are as defined earlier with a compomid of foraiula (Dc) where R” is as defined earlier excluding hydrogen and Hal represent a halogen atom such as CI, Br or I to produce a compound of formula (II) may be carried out imder conventional conditions in the presence of a base. The base is not critical. Any base normally employed for Wittig reaction may be employed, metal hydride such as NaH or KH; metal alkoxides such as NaOMe, K”BuO' or NaOEt; metal amides such as LiNHa or LiN(iPr)2. Aprotic solvent such as THF, DMSO, dioxane, DME and the like may be used. Mixture of solvents may be used. HMPA may be used as cosolvent. Inert atmosphere may be employed such as argon and the reaction is more effective under anhydrous conditions. Temperature in the range of -80 ""C to 100 *"€ may be used. The compound of (II) where all symbols are as defined earlier and R” is as defined earlier excluding hydrogen may be converted to a compoimd of formula (Im) where R” and R” represent hydrogen atoms and all other symbols are as defined earlier, by treating with an alcohol of formula R”OH where R” represents unsubstituted or substituted groups selected fi-om alkyl, cycloalkyl, aryl, aralkyl, alkoxyalkyl, alkoxycarbonyl, aryloxycarbonyl, alkylaminocarbonyl, arylaminocarbonyl, acyl, heterocyclyl, heteroaryl or heteroaralkyl under anhydrous conditions in the presence of a strong anhydrous acid such as p-toluenesulfonic acid. The compoimd of formula (Im) defined above upon treatment with trialkylsilyl cyanide such as trimethylsilyi cyanide produces a compound of formula (Ig) where R” and R*” represent hydrogen atoms, R” is as defined earlier excluding hydrogen and all other symbols are as defined earlier. In still another embodiment of the present invention the novel intermediate of formula (Ih) where R\ R”, R” and R” may be the same or different and represent hydrogen, halogen, hydroxy, nitro, cyano, formyl'or unsubstituted or substituted groups selected from alkyl, cycloalkyl, alkoxy, cycloalkoxy, aiyl, aryloxy, aralkyl, aralkoxy, heterocyclyl, heteroaryl, heteroaralkyl, heteroaryloxy, heteroaralkoxy, acyl, acyloxy, hydroxyalkyi, amino, acylamino, monoalkylamino, dialkylamino, arylamino, aralkylamino, aminoalkyi, alkoxycaihonyl, aryloxycarbonyl, aralkoxycarbonyl, alkoxyalkyl, aryloxyalkyl, aralkoxyalkyl, alkylthio, thioalkyl, alkoxycarbonylamino, aryloxycarbonylamino, aralkoxycarbonylamino, carboxylic acid or its derivatives, or sulfonic acid or its derivatives; the ring A fused to the ring containing X and N represents a 5-” membered cyclic structure containing carbon atoms, which may optionally contain one or more heteroatoms selected from oxygen, sulfur or nitrogen atoms, which may optionally,be substituted; the ring A may be saturated or contain one or more double bonds or may be aromatic; X represents a heteroatom selected from oxygen, sulfur or NR” where R” is hydrogen, alkyl, aryl, aralkyl, acyl, alkoxycarbonyl, aryloxycarbonyl or aralkoxycarbonyl groups; Ar represents an unsubstituted or substituted divalent single or fused aromatic or heterocyclic group; R” represents hydrog”i atom, hydroxy, alkoxy, halogen, lower alkyl or unsubstituted or substituted aralkyl group or forms a bond together with the adjacent group R”; R** represents hydrogen, hydroxy, alkoxy, halogen, lower alkyl group, acyl or unsubstituted or substituted aralkyl or R” forms a bond together with R”; R” represents hydrogen or unsubstituted or substituted groups selected from alkyl, cycloalkyl, aryl, aralkyl, heterocyclyl, heteroaiyl or heteroaralkyl groups; n is an integer ranging from 1-4 and m * is an integer 0 or 1 and a process for its preparation and its use in the preparation of p-aryl-a-substituted hydroxyalkanoic acids is provided. The compoimd of formula (Hi) where all other symbols are as defined earlier may be prepared by reacting a compound of formula (In) where all symbols are as defined earlier, with an appropriate diazotizing agent. The diazotization reaction may be under conventional conditions. A suitable diazotizing agent is an alkyl nitrile, such as iso-amyl nitrile. The reaction may be carried out in presence of solvents such as THF, dioxane, ether, benzene and the like or a combination thereof. Temperature in the range of -50 °C to 80 **C may be used. The reaction may be carried out in an inert atmosphere which may be maintained by using inert gases such as N2, Ar or He. The diu-ation of the reaction may range from 1 to 24 h, preferably, 1 to 12 h. The compound of formula (In) may be prepared by a reaction between (Ille) where all symbols are as defined earlier and a compound of formula (lo) where R” is hydrogen atom and all other symbols are as defined earlier. The reaction of compound of formxUa (Hie) where all symbols are as defined earlier and a compound of formula (lo) where all symbols are as defined earlier may be carried out in the presence of solvents such as THF, DMF, DMSO, DME and the like or mixtures thereof The reaction may be carried out in an inert atmosphere which is maintained by using inert gases such as N2, Ar or He. The reaction may be effected in the presence of a base such as K2CO3, Na2C03 or NaH or mixtures thereof. Acetone may be used as a solvent when K2CO3 or Na2C03 is used as a base. The reaction temperature may range fix)m 20 “C -120 “C, preferably at a temperature in the range of 30 “C - 80 *”C. The duration of the reaction may range fix>m 1 to 24 hours, preferably from 2 to 12 hours. The pharmaceutically acceptable salts are prepared by reacting the compound of formula (I) with 1 to 4 equivalents of a base such as sodium hydroxide, sodium methoxide, sodiirai 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 such as diethanolamine, choline and the like; chiral bases like alkyl phenyl amine, phenyl glycinol and the like; natural aminoacids such as lysine, arginine, guanidine, and the like; imnatural aminoacids such as D-iosmers or substituted aminoacids; ammonium or substituted ammonium salts and aluminum salts may also be used. Alternatively, acid addition salts wherever applicable 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, benzenesulfonic acid, tartaric acid and the like in solvents like ethyl acetate, ether, alcohols, acetone, THF, dioxane etc. Mixture of solvents may also be used. The stereoisomers of the compounds forming part of this invention may be prepared by using reactants in their single enantiomeric form in the process wherever possible or by conducting the reaction in the presence of reagents or catalysts in their single enantiomer form or by resolving the mixture of stereoisomers by conventional mediods. Some of the preferred methods include use of microbial resolution, resolving the diastereomeric salts formed with chiral acids such as mandelic acid, camphorsulfonic acid, tartaric acid, lactic acid, and the like wherever applicable or chiral bases such as brucine, cinchona alkaloids and their derivatives and the like. Commonly used methods are compiled by Jaques et al in "Enantiomers, Racemates and Resolution" (Wiley Interscience, 1981). More specifically the compound of formula (I) where YR” represents OH may be converted to a 1:1 mixture of diastereomeric amides by treating with chiral amines, aminoacids, aminoalcohols derived fi-om aminoacids; conventional reaction conditions may be employed to convert acid into an amide; the diastereomers may be separated either by fi”ctional crystallization or chromatography and the stereoisomers of compound of formula (I) may be prepared by hydrolyzing the pure diastereomeric amide. V”ous polymorphs of compound of general formula (I) forming part of this invention may be prepared by crystallization of compound of formula (I) under different conditions. For example, using different solvents commonly used or their mixtures for recrystallization; crystallizations at different temperatures; various modes of cooling, ranging fix>m very fast to very slow cooling during crystallizations. Polymorphs may also be obtained by heating or melting the compound followed by gradual or fast cooling. The presence of polymorphs may be determined by solid probe nmr * spectroscopy, ir spectroscopy, differential scanning calorimetry, powder X-ray diffraction or such other techniques. The present invention provides a pharmaceutical composition, containing the compounds of the general formula (I) as defined above, their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts or their pharmaceutically acceptable solvates in combination with the usual pharmaceutically employed carriers, diluents and the like, useful for the treatment and / or prophylaxis of diseases such as hypertension, coronary heart disease, atherosclerosis, stroke, peripheral vascular diseases and related disorders. These compounds are useful for the treatment of familial hypercholesterolemia, hypertriglyceridemia, lowering of atherogenic lipoproteins, VLDL and LDL. The compounds of the present invention can be used for the treatment of certain renal diseases including glomerulonephritis, glomerulosclerosis, nephrotic syndrome, hypertensive nephrosclerosis, nephropathy. The compounds of gwieral formula (I) are also useful for the treatment / prophylaxis of insulin resistance (type n diabetes), leptin resistance, impaired glucose tolerance, dysUpidemia, disorders related to syndrome X such as hypertension, obesity, insulin resistance, coronary heart disease, and other cardiovascular disorders. These compounds may also be useful as aldose reductase inhibitors, for improving cognitive functions in dementia, as inflammatory agents, treating diabetic complications, disorders related to endotheUal cell activation, psoriasis, polycystic ovarian syndrome (PCOS), inflammatory bowel diseases, osteoporosis, myotonic dystrophy, pancreatitis, retinopathy, arteriosclerosis, xanthoma and for the treatment of cancer. The compounds of the present inventions are useful in the treatment and / or prophylaxis of the above said diseases in combination / concomittant with one ♦ or more HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents such as fibric acid derivatives, nicotinic acid, cholestyramine, colestipol, probucol or their combination. The compounds of the present invention in combination with HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents can be administered together or within such a period to act synergistically. The HMG CoA reductase inhibitors may be selected from those used for the treatment or prevention of hyperlipidemia such as lovastatin, provastatin, simvastatin, fluvastatin, atorvastatin, cerivastatin and their analogs thereof. Suitable fibric acid derivative may be gemfibrozil, clofibrate, fenofibrate, ciprofibrate, benzafibrate and their analogs thereof The present invention also provides a pharmaceutical composition, contaming the compounds of the general formula (I) as defined above, their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharmaceutically acceptable salts or their pharmaceutically acceptable solvates and one or more HMG CoA reductase inhibitors, hypolipidemic / hypolipoproteinemic agents such as fibric acid derivatives, nicotinic acid, cholestyramine, colestipol, probucol in combination with the usual pharmaceutically employed carriers, diluents and the like. The pharmaceutical composition may be in the forms normally employed, such as tablets, capsules, powders, syrups, solutions, suspensions and the like, may contain « flavourants, sweeteners etc. in suitable solid or Uquid carriers or diluents, or in suitable sterile media to form injectable solutions or suspensions. Such compositions typically contain from 1 to 20 %, preferably 1 to 10 % by weight of active compound, the remainder of the composition being pharmaceutically acceptable carriers, diluents or solvents. Suitable pharmaceutically acceptable carriers include solid fillers or diluents and sterile aqueous or organic solutions. The active compoimd will be present in such pharmaceutical compositions in the amounts sufiScient 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 media 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 phaimaceutically-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 himians. The compound of the formula (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 the possible pain and irritation of injection. However, in circxunstances where the patient caimot swallow the medication, or absorption following oral administration is impaired, as by disease or other abnormality, it is essential that the drug be administered parenterally. By either route, the dosage is in the range of about 0.01 to about 100 mg / kg body weight of the subject per day or preferably about 0.01 to about 30 mg / kg body weight 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. 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. A solution of triethyl-2-ethoxyphosphonoacetate prepared by the method of Grell and Machleidt Annalen. Chemie, 1996, 699, 53 (3.53 g, 13.2 mmol) in dry tetrahydrofiiran (10 mL) was added slowly to a stirred ice cooled suspension of sodium hydride (60 % dispersion of oil) (0.62 g, 25:94 mmol) in diy tetrahydrofiiran (5 mJL), imder nitrogen atmosphere. The mixture was stirred at 0 ®C for 30 min. prior to the addition of 4-benzyloxybenzaldehyde (2,5 g, 11.79 mmol) in dry tetrahydrofiiran (20 mL). The mixture was allowed to warm up to room temperature and stirred at that temperature for fiirther 20 h. The solvent was evaporated, water (100 mL) was added and extracted with ethyl acetate (2 x 75 mL). The combined organic extracts were washed with water (50 mL)j brine (50 mL), dried (Na2S04), filtered and the solvent was evaporated imder reduced pressure. The residue was chromatographed over silica gel using a mixture of ethyl acetate and pet. ether (2 : 8) as an eluent to afford the title compoimd (3.84 g, quantitative) as an oil. “H NMR of the product suggests a (76:24 = Z:E) mixture of geometric isomers (R. A. Aitken and G. L, Thom, Synthesis, 1989,958). 1H NMR (CDCI3, 200 MHz)-: 8 1.25 - 1.50 (complex, 6H), 3.85 - 4.03 (complex, 2H), 4.28 (q, J = 7.0 Hz, 2H), 5.05, 5.09 (2s, 2H, benzyloxy CH2), 6.08 (s, 0.24H, E isomer of olefinic proton), 6.85 - 6.90 (complex, 2H), 6.99 (s, 0.76H, Z isomer) 7.33 - 7.45 (complex, 5H), 7.75 (d, J = 8.72 Hz, 2H). Preparation 2 A mixture of ethyl (E/Z)-3-(4-benzyloxyphenyl)-2-ethoxypropanoate (3.84 g, 11.79 mmol obtained in preparation 1) and magnesium turnings (5.09 g, 0.21 mol) in dry methanol (40 mL) was stirred-at 25 °C for 1 h. Water (80 mL) was added and pH of the solution was adjxisted to 6.5 - 7.5 with 2 N hydrochloric acid. The solution was extracted with ethyl acetate (3 x 75 mL). The organic layers were washed with water (50 mL), brine (50 mL), dried (Na2S04) and filtered. The solvent was evaporated imder reduced pressure to afford the title compound (3.7 g, quantitative yield) as an oil. 1H NMR (CDCI3, 200 MHz) : 8 1.16 (t, J = 6.97 Hz, 3H), 2.95 (d, J = 6.55 Hz, 2H), 330 - 3.38 (complex, IH), 3.55 - 3.67 (complex, IH), 3.69 (s, 3H), 3.99 (t, J = 6.64 Hz, IH), 5.04 (s, 2H), 6.89 (d, J = 8.63 Hz, 2H), 7.15 (d, J = 8.62 Hz, 2H), 7.31 - 7.41 (complex, 5H). Preparation 3 Methyl 3-(4-hydroxyphenyl)r2-ethoxypropanoate: HO”“““ OCH2CH3 A suspension of methyl 3-(4-benzyloxyphenyl)-2-ethoxypropanoate (3.7 g, n.78 mmol; obtained in preparation 2) and 10 % Pd-C (0.37 g) in ethyl acetate (50 mL) was stirred at 25 °C under 60 psi hydrogen pressure for 24 h. The catalyst was filtered and the solvent was evaporated under reduced pressure. The residue was chromatographed over silica gel using a mixture of ethyl acetate and pet. ether (2 : 8) as an eluent to afford the title compound (2.2 g, 84 %) as an oil. “H NMR (CDCI3, 200 MHz) : 5 1.21 (t, J = 6.97 Hz, 3H), 2.99 (d, J = 6.37 Hz, 2H), 3.32 . 3.49 (complex, IH), 3,57 - 3.65 (complex, IH), 3.76 (s, 3H), 4.05 (t, J = 6.64 Hz, IH), 5.19 - 5.40 (bs, IH, D2O exchangeable), 6.80 (d, J = 8.44 Hz, 2H), 7.14 (d, J = 8.39 Hz, 2H). The title compoimd (1.73 g, 61 %) was prepared as a colourless oil from ethyl (E/Z)-3-(4-benzyloxyphenyl)-2-ethoxypropenoate (3.85 g, 11.80 mmol) obtained in preparation 1 by hydrogenation procedure described in preparation 3. 1H NMR (CDCI3, 200 MHz) : 5 1.12 - 1.29 (complex, 6H), 2.93 (d, J = 6.55 Hz, 2H), 3.28 - 3.45 (complex, IH), 3.51 - 3.68 (complex, IH), 3.98 (t, J = 6.55 Hz, IH), 4.16 (q, J = 7.15 Hz, 2H), 5.40 (s, 1H,'D20 exchangeable), 6,73 (d, J - 8.39 Hz, 2H), 7.08 (d, J = 8.53 Hz, 2H). Preparation 5 A solution of ethyl 3-(4-benzyloxyphenyl)-2-hydroxypropanoate (5.0 g, 16.6 mmol) (prepared in a similar manner as described in Ref: WO 95/18125) in dry dimethyl formamide (5 mL) was added to a suspension of sodium hydride (0.1 g, 41.6 mmol) (60 %"disp©fsiDn in dil)"in dry dimethyl formamide (3 mL) at 0 “C and stirred for 1 h. To the above reaction mixture /i-butyl bromide (3.4 g, 24.0 mmol) was added at 0 **C and stirring was continued for 10 h at ca. 25 “'C. Water (30 mL) was added and extracted with ethyl acetate (2 x 50 mL). The combined ethyl acetate layer was washed with France at 10 weeks of age and were used at 13 weeks of age. The animals were maintained under 12 hour light and dark cycle at 25 ± 1 °C. Animals were given standard laboratory chow (NIN, Hyderabad, India) and water, ad libido (Fujiwara, T., Yoshioka, S., Yoshioka, T,, Ushiyama, I and Horikoshi, H, Characterization of new oral antidiabetic agent CS-045. Studies in KK and ob/ob mice and Zucker fatty rats. Diabetes. 1988. 37 : 1549-1558). The test compoimds were administered at 0.1 to 30 mg/kg/day dose for 9 days. The control animals received the vehicle (0.25 % caiboxymethylcellulose, dose 10 mL/kg) through oral gavage. The blood samples were collected in fed state 1 hour after drug administration on 0 and 9 day of treatment. The blood was collected from the retro-orbital sinus through heparinised capillary in EDTA containing tubes. After centrifiigation, plasma sample was separated for triglyceride, glucose, free fatty acid, total cholesterol and insulin estimations. Measurement of plasma triglyceride, glucose, total cholesterol were done using commercial kits (Dr. Reddy's Laboratory, Diagnostic Division, India). The plasma free fatty acid was measiu"ed using a commercial kit form Boehringer Mannheim, Germany. The plasma insulin was measured using a RIA kit (BARC, India). The reduction of various parameters examined are calculated according to the formula. In ob/ob mice oral glucose tolerance test was performed after 9 days treatment. Mice were fasted for 5 hrs and challenged with 3 gm/kg of glucose orally. The blood samples were collected at 0, 15, 30, 60 and 120 min for estimation of plasma glucose levels. The experimental results from the db/db mice, ob/ob mice, Zucker fa/fa rats suggest that the novel compoimds of the present invention also possess therapeutic utility as a prophylactic or regular treatment for diabetes, obesf”“ disorders such as hypertension, hyperUpidaemia and other diseases; as it is known from the literatiu*e that such diseases are interrelated to each other. Blood glucose level and triglycerides are also lowered at doses greater than 10 mg/kg. Noraially, the quantum of reduction is dose dependent and plateaus at certain dose, b) Cholesterol lowering activity in hvpercholesterolemic rat models : Male Sprague Dawley rats (NIN stock) were bred in DRF animal house. Animals were maintained under 12 hour light and dark cycle at 25 ± 1 “C. Rats of 180 - 200 gram body weight range were used for the experiment. Animals were made hypercholesterolemic by feeding 2% cholesterol and 1% sodixrai chelate mixed with standard laboratory chow [National Institute of Nutrition (NIN), Hyderabad, India] for 6 days. Throughout the experimental period the animals were maintained on the same diet (Petit, D., Bonnefis, M. T., Rey, C and Infante, R. Effects of ciprofibrate on liver lipids and lipoprotein synthesis in normo- and hyperlipidemic rats. Atherosclerosis. 1988. 74 : 215-225). The test compoxmds were administered orally at a dose 0.1 to 30 mg/kg/day for 3 days. Control group was treated with vehicle alone (0.25 % Carboxymethylcellulose; dose lOmL/kg). The blood samples were collected in fed state 1 hour after drag administration on 0 and 3 day of compound treatment. The blood was collected fix)m the retro-orbital sinus through heparimsed capillary in EDTA containing tubes. After centrifiigation, plasma sample was separated for' total cholesterol, HDL and triglyceride estimations. Measurement of plasma triglyceride, total cholesterol and HDL were done using commercial kits (Dr. Reddy's Laboratory, Diagnostic Division, India). LDL and VLDL cholesterol were calculated from the data obtained for total cholesterol, HDL and triglyceride. The reduction of various parameters examined are calculated according to the formula. c) Plasma triglyceride and total cholesterol lowering activity in Swiss albino mice and Guinea pigs ; Male Swiss albino mice (SAM) and male Guinea pigs were obtained from NIN and housed in DRF animal house. All these animals were maintained under 12 hour light and dark cycle at 25 ± 1 “C. Animals were given standard laboratory chow (NIN, Hyderabad, India) and water, ad libitum. SAM of 20 - 25 g body weight range and Guinea pigs of 500 - 700 g body weight range were used (Oliver, P., Plancke, M. O., Marzin, D., Clavey, V., Sauzieres, J and Fruchart, J. C. Effects of fenofibrate, gemfibrozil and nicotinic acid on plasma lipoprotein levels in normal and hyperUpidemic mice. Atherosclerosis, 1988. 70 : 107 - 114). The test compounds were administered orally to Swiss albino mice at 0.3 to 30 mg/kg/day dose for 6 days. Control mice were treated with vehicle (0.25% Carboxymethylcellulose; dose 10 mL/kg). The test compounds were administered orally to Guinea pigs at 0.3 to 30 mg”g/day dose for 6 days. Control animals were treated with vehicle (0.25% Carboxymethylcellulose; dose 5 mL/kg). The blood samples were collected in fed state 1 hour after drug administration on 0 and 6 day of treatment. The blood was collects firom the retro-orbital sinus through heparinised capillary in EDTA containing tubes. After centrifogation, plasma sample was separated for triglyceride and total cholesterol (Wieland, O. Methods of Enzymatic analysis. Bergeimeyer, H. O., Ed., 1963. 211 - 214; Trinder, P. Aim. Clin. Biochem. 1969. 6 : 24 - 27). Measurement of plasma triglyceride, total cholesterol and HDL were done using commercial kits (Dr. Reddy's Diagnostic Division, Hyderabad, India). Formulae for calculation: 1, Percent reduction in Blood sugar / triglycerides / total cholesterol were calculated according to the formula: VLDL cholesterol in mg/dl=[Total cholesterol-HDL cholesterol-LDL cholesterol] mg/dl We Claim: 1 A tricyclic compound selected from : (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, potassium salt; (-) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, magnesium salt; (±) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, arginine salt; (+) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, arginine salt; (-) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, arginine salt; (-) 3-[4-[2-(Phenoxazin -10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, lysine salt; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxy-2-methylpropanoic acid, sodium salt; (-) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxy propionic acid, arginine salt; (-) 3-[4-[2-(Phenothiazin-10-yl)ethoxy]phenyl]-2-ethoxypropanoic acid, lysine salt; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-hydroxypropanoic acid, sodium salt; (±) Methyl 3-[4-[2-(Phenoxazin-l0-yl)ethoxy]phenyl]-2-phenoxypropanoate; (±) 3-[4-[2-(Phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoic acid; (±) Ethyl 3-[4-[2-(phenoxazin-10-yl)ethoxy]phenyl]-2-phenoxypropanoate. 2. A pharmaceutical composition comprises a compound as claimed in claim 1 and a pharmaceutically acceptable carrier, diluent, excipient or solvate.

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