Abstract: The present invention relates to novel antiobesity and hypocholesterolemic compounds, their derivatives, their analogs, their tautomeric forms, their stereo-isomers, their polymorphs, their pharmaceutically acceptable salts, their pharma-ceutically acceptable solvates and pharmaceutically acceptable compositions containing them. More particularly, the present invention relates to novel p-aryl-a-oxysubstituted alkylcarboxylic acids of the general formula (I), their derivatives, their analogs, their tautomeric forms, their stereoisomers, their polymorphs, their pharma-ceutically acceptable salts, their pharmaceutically acceptable solvates and pharma-ceutically acceptable compositions containing them.