Yatra, an online travel company, has now terminated the merger agreement with the US-headquartered software firm Ebix over the alleged violation of agreement terms.
The company has initiated legal proceedings in the Delaware Court of Chancery, seeking substantially damaged Ebix breaches of the merger agreement, said the announcement.
“Ebix’s conduct breached material terms of the agreements and frustrated Yatra’s ability to close the transaction and obtain the benefit of Yatra’s bargain for Yatra’s stockholders,” it said.
The company has also outsourced its call center operations, clamped down on the marketing spend, and reduced customer promotions in B2C hotels and besides renegotiating supplier payment terms and fixed costs, and deferring non-critical expenditures to fight against the Covid-19 induced business challenges.
