A compound which is of formula: or is a pharmaceutically acceptable salt or a pharmaceutically acceptable stereoisomer thereof; wherein, dotted line[---] represents a single or a double bond; X is selected from C, C, N or O; wherein C and N are substituted with one or more R 5 to meet the desired valency requirements; L 1 is a direct bond or a linker selected from -NH-, -NHC - or -NHS 2 -; L 2 is a linker selected from -(CHR 6) n -, -C - or -S 2 -; Cy 1 is an optionally substituted 5-6 membered monocyclic ring containing 1-4 hetero atoms/ hetero groups independently selected form N, NH, O or -C -; wherein the optional substituent at each occurrence is independently selected from one or more R 7; Cy 2 is an optionally substituted 4-12 membered monocyclic or bicyclic ring containing 0-3 hetero atoms/groups independently selected form N, NH, O or S; wherein the optional substituent at each occurrence is independently selected from one or more R 8; R 1 is selected from hydrogen, alkyl, alkenyl, haloalkyl, hydroxyalkyl, alkoxyalkyl, aminoalkyl, heterocyclyl or heterocyclylalkyl; R 2 and R 3 independently are hydrogen, alkyl or together form an oxo group; R 4 at each occurrence is independently selected from hydrogen, alkyl, cycloalkyl, cyanoalkyl, hydroxyalkyl, or optionally substituted haloalkyl; wherein the optional substituent is one or more hydroxyl; R 5 at each occurrence is independently selected from hydrogen, alkyl, haloalkyl, cycloalkyl or cyano; R 6 is hydrogen or alkyl; R 7 is selected from alkyl, hydroxy or cycloalkyl; R 8 is selected from alkyl, alkoxy, amino, cyano, halogen, haloalkyl, hydroxy, - C alkyl or optionally substituted heterocyclyl; wherein the optional substituent is selected from one or more alkyl or hydroxy; and n is an integer selected from 1 or 2. dotted line[---] represents a single or a double bond; X is selected from C, C, N or O; wherein C and N are substituted with one or more R 5 to meet the desired valency requirements; L 1 is a direct bond or a linker selected from -NH-, -NHC - or -NHS 2 -; L 2 is a linker selected from -(CHR 6) n -, -C - or -S 2 -; Cy 1 is an optionally substituted 5-6 membered monocyclic ring containing 1-4 hetero atoms/ hetero groups independently selected form N, NH, O or -C -; wherein the optional substituent at each occurrence is independently selected from one or more R 7; Cy 2 is an optionally substituted 4-12 membered monocyclic or bicyclic ring containing 0-3 hetero atoms/groups independently selected form N, NH, O or S; wherein the optional substituent at each occurrence is independently selected from one or more R 8; R 1 is selected from hydrogen, alkyl, alkenyl, haloalkyl, hydroxyalkyl, alkoxyalkyl, aminoalkyl, heterocyclyl or heterocyclylalkyl; R 2 and R 3 independently are hydrogen, alkyl or together form an oxo group; R 4 at each occurrence is independently selected from hydrogen, alkyl, cycloalkyl, cyanoalkyl, hydroxyalkyl, or optionally substituted haloalkyl; wherein the optional substituent is one or more hydroxyl; R 5 at each occurrence is independently selected from hydrogen, alkyl, haloalkyl, cycloalkyl or cyano; R 6 is hydrogen or alkyl; R 7 is selected from alkyl, hydroxy or cycloalkyl; R 8 is selected from alkyl, alkoxy, amino, cyano, halogen, haloalkyl, hydroxy, - C alkyl or optionally substituted heterocyclyl; wherein the optional substituent is selected from one or more alkyl or hydroxy; and n is an integer selected from 1 or 2.