2, 4- THIAZOLIDINEDIONE DERIVATIVES FOR THE TREATMENT AND MANAGEMENT OF DIABETES MELLITUS 2, 4- Thiazolidinedione Derivatives of the formula (1): and their pharmacologically acceptable salts are novel compounds, which exhibit an excellent Aldose Reductase Inhibiting and dual Paroxysmal Proliferated activating receptor (PPAR) alpha and gamma receptor agonist as a blood glucose and lipid lowering activity, and are of valuable therapeutic agent for the treatment and management of Diabetes Mellitus.