The invention relates to the development of a process for the preparation of 3-o-/m-/p-mono/disubstitutedphenyl-4-o-/p-substitutedphenyl furazans are novel compounds, which could have a great therapeutic value as selective COX-2 inhibitors similar to celecoxib, rofecoxib, valdecoxib etc. Due to their potential selectivity towards COX-2 enzyme these compounds could have applications in treatment of chronic inflammatory conditions. The process of their preparation involves conversion of the suitably substituted benzil to substituted benzil dioxime. The substituted dioxime is either dehydrated to the 3, 4-disubstituted furazan or first oxidized to the 3, 4-disubstituted furoxan and then reduced to the required disubstituted furazan. Some of the furazan derivatives are prepared by performing the required electrophilic aromatic substitution reactions on the unsubstituted benzilfurazan followed by nucleophilic displacement, if required. Drawing: 01 Sheet. Total Pages: 07 (FIG.-NIL)