A compound of Formula I represented by wherein R1, R2, R3, R4, R5 are each independently selected from hydrogen, halogen, phenyl, straight chain or branched C1-C5 alkyl, straight chain or branched C2-C5 alkenyl, straight chain or branched C1-C5 alkoxyalkyl, straight chain or branched C1-C5 alkoxyaryl, aryl, CF3, C3-C7 aromatic or aliphatic heterocycle comprising at least one hetero atom selected from a group of O, N and S, wherein phenyl group is optionally substituted with straight chain or branched C1-C5 alkyl, or straight chain or branched C1-C5 alkoxyalkyl, wherein the heterocycle is optionally substituted with C1-C5 alkyl, C2-C5 alkenyl or C1-C5 alkoxyalkyl, and wherein any of two adjacent substituents selected from R1, R2, R3, R4 and R5 form a 5-6 membered aromatic or aliphatic ring comprising at least one hetero atom selected from a group of O, N and S, or wherein any of two adjacent substituents selected from R1, R2, R3, R4 and R5 combine to form naphthalene; Ra and Rb are each independently selected from hydrogen, straight chain or branched C1-C5 alkyl, straight chain or branched C1-C5 aralkyl, straight chain or branched C2-C5 alkenyl, straight chain or branched C2-C5 alkynyl, or both Ra, and Rb together form a 3-7 membered ring comprising at least one hetero atom selected from a group of O, N and S; R6 and R7 are each independently selected from hydrogen, straight chain or branched C1-C5 alkyl, straight chain or branched C1-C5 aralkyl, straight chain or branched C2-C5 alkenyl, straight chain or branched C2-C5 alkynyl, wherein R6 and R7 are not hydrogen at same instance; or -CH2 nNRcRd wherein n is 0-3, and Rc, Rd are both independently selected from C1 alkyl or together form a 3-7 membered aromatic or aliphatic heterocycle comprising at least one hetero atom selected from a group of O, N and S, wherein the heterocycle is optionally substituted with any substituent selected from the group of halogen, CF3, straight chain or branched C1-C5 alkyl, straight chain or branched C2-C5 alkenyl or straight chain or branched C1-C5 alkoxyalkyl; or both R6 and R7 may together form a 3-7 membered aromatic or aliphatic heterocycle comprising at least one hetero atom selected from O, N and S, wherein the heterocycle is unsubstituted or substituted with any substituent selected from the group comprising halogen, CF3, straight chain or branched C1-C5 alkyl, straight chain or branched C2-C5 alkenyl or straight chain or branched C1-C5 alkoxyalkyl; and their stereoisomers (diastereoisomers, enantiomers), pure or mixed, racemic mixtures, geometrical isomers, tautomers, pharmaceutically acceptable salts, hydrates, solvates, solid forms and mixtures thereof. wherein phenyl group is optionally substituted with straight chain or branched C1-C5 alkyl, or straight chain or branched C1-C5 alkoxyalkyl, wherein the heterocycle is optionally substituted with C1-C5 alkyl, C2-C5 alkenyl or C1-C5 alkoxyalkyl, and wherein any of two adjacent substituents selected from R1, R2, R3, R4 and R5 form a 5-6 membered aromatic or aliphatic ring comprising at least one hetero atom selected from a group of O, N and S, or wherein any of two adjacent substituents selected from R1, R2, R3, R4 and R5 combine to form naphthalene; Ra and Rb are each independently selected from hydrogen, straight chain or branched C1-C5 alkyl, straight chain or branched C1-C5 aralkyl, straight chain or branched C2-C5 alkenyl, straight chain or branched C2-C5 alkynyl, or both Ra, and Rb together form a 3-7 membered ring comprising at least one hetero atom selected from a group of O, N and S; R6 and R7 are each independently selected from hydrogen, straight chain or branched C1-C5 alkyl, straight chain or branched C1-C5 aralkyl, straight chain or branched C2-C5 alkenyl, straight chain or branched C2-C5 alkynyl, wherein R6 and R7 are not hydrogen at same instance; or -CH2 nNRcRd wherein n is 0-3, and Rc, Rd are both independently selected from C1 alkyl or together form a 3-7 membered aromatic or aliphatic heterocycle comprising at least one hetero atom selected from a group of O, N and S, wherein the heterocycle is optionally substituted with any substituent selected from the group of halogen, CF3, straight chain or branched C1-C5 alkyl, straight chain or branched C2-C5 alkenyl or straight chain or branched C1-C5 alkoxyalkyl; or both R6 and R7 may together form a 3-7 membered aromatic or aliphatic heterocycle comprising at least one hetero atom selected from O, N and S, wherein the heterocycle is unsubstituted or substituted with any substituent selected from the group comprising halogen, CF3, straight chain or branched C1-C5 alkyl, straight chain or branched C2-C5 alkenyl or straight chain or branched C1-C5 alkoxyalkyl; and their stereoisomers (diastereoisomers, enantiomers), pure or mixed, racemic mixtures, geometrical isomers, tautomers, pharmaceutically acceptable salts, hydrates, solvates, solid forms and mixtures thereof.