On July 27, 2021, Timothy J. Maguire announced that it has issued an open letter to Yatra Online, Inc.’s shareholders reiterating their belief that the Company is well positioned to benefit from the post-COVID travel recovery and detailing certain revenue and margin growth opportunities apparently overlooked by the Company’s management and Board of Directors that could drive the stock to $6.00 per Share on $100 million in sales in 2022, assuming a conservative a 3x price to sales multiple. Further, in the letter it is also expressed that Timothy J. Maguires’ serious concerns with the disappointing shareholder returns of the Company to date, which they attributed to a number of reasons including: (i) the need for an overhaul of the Company’s extremely shareholder-unfriendly corporate governance profile and a lack of transparency in its executive compensation packages, (ii) its subpar operational performance to date, (iii) questionable decision-making behind the failed merger with Ebix, Inc., and lastly, (iv) a lack of operational and industry experience among members of the Board and management, which may be a contributing factor to each of the aforementioned issues.