The present invention relates to a process of preparing intermediates of Formula I. The process comprises of reacting compound of Formula III with compound of Formula V in the presence of a solvent selected from an alcohol, ether or water to form compound of Formula I. wherein, R1 is selected from –NH2, Cl, Br, NHCORâ€, wherein R†is alkyl, aryl, Schiff’s base of formula N=CHR’, wherein R’ is alkyl or aryl R2 is selected from H, alkyl R3 and R4, each independently is H R5 and R6, each independently is H, alkyl R7 is H, alkyl and R8 is H, alkyl.