The present invention provides a synthesis of a novel compound bis (4-formyl-2-methoxyphenyl) carbonate (FMPC) using green reagents and method of preparation of a non-toxic, biodegradable novel Schiffs base compound with high stability and high solubility to be effectively used in targeted drug delivery and other therapeutic systems. The Dimethyl carbonate (DMC) and vanillin was the green reagents used in the preparation of FMPC. Schiffs bases generally possess various properties such as antibacterial, antimicrobial, antioxidant etc., and are extensively used as carrier polymer, drug delivery and controlled release system of the material, polymer adsorbents, ion exchange agent etc. The novel Schiffs base chitosan-FMPC particles of the present invention also possess similar properties and finds a wide variety of application in the field of biomedical, chemical, environmental, pharmaceutical, food and other fields of technology.