1. Compositions comprising of novel extract of medicinal plant Phyllanthus emblica comprising of vitamin C 3% to 7%, tannins 10% to 40%, pectins or soluble,-fibers 5 % to 30%, carbohydrates, 10% to 50% moisture content 2% to 8%, and other constituents; in the range of 10 % to 70% weight by weight and pharmaceutically inert adjuvants in form of various pharmaceutical formulations, food products, beverages, veterinary products or the like with better shelf life and stability, useful as antioxidant; adaptogenic, anti-mutagenic, anticarginogenic, antidiabetic, hypolipidemic, anti-artherogenic, anti-tumorogenic, cardioprotective, anti-hepatotoxic agent; or anti clastogenic agent against metal such as cesium chloride, lead, aluminum, nickel or the like, or for any other activity.