The present invention discloses a novel thyroid like compounds of formula (I),wherein R1 R2, R3' R4 and Z areas defined in the specification, method for its preparation, compositioncontaining such compounds and use of such compounds andcomposition as medicament. Further, compounds of formula (I) has significantlylow binding affinity to thyroid receptors and thusconsiderably devoid of thyrotoxic effects. The invention also relates to theuse of the compound of formula (I) for the preparation of amedicament for treating various disease conditions such as obesity,dyslipidemia, metabolic syndrome and co-morbidities associatedwith metabolic syndrome.
