The present invention disclosed herein is a 2-(substituted-aryl)-3-(2-oxoindolin-3-ylidene) amino)-thiazolidin-4-one compounds of formula (4) and an efficient process for preparation thereof. Further, the 2-(substitated-aryl)-3-(2-oxoindolin-3-ylidene) amino)-thiazolidin-4-one compounds of formula (4) are useful for treatment of neurological afflictions.