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whether section 301 attract?

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(Querist)
09 July 2011 A limited company's (say company x) 47% share is held by company y. In an agreement company x received two employees service of company y and for which they reimburse the actual expenses on the basis of bill raised by company y to company x. Is it relevant to record in section 301?
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CS Bijoy

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CS Bijoy (Expert)
09 July 2011 According to me section 301 is applicable on all the contract under section 297 where directors are interested and for this a register is required to maintain by the company to record this Contract.

So according to me Section 301 is not attract here.
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