The present disclosure relates to derivatives of myo-inositol typically compound of formula (I) Formula (I) or a pharmaceutically acceptable salt thereof, wherein, R is independently selected from hydrogen, alkyl, aryl, acetyl azide, amine, and amide; and Y is selected from hydrogen, hydroxyl, halo, alkyl, haloalkyl, phosphate derivatives, azide, amine, amide, and sulfonyl. The present disclosure further provides a process for preparing the compound of formula (I). The compounds of the present disclosure may be used as inhibitors of RAS.