Yes, thus if there is no shareholding of directors, it is quite clear by way of sub section (6) of section 299 that the provisions of section 299 are not applicable.
And in my opinion section 297 is also not applicable as sec297(1)provides as under
except with the consent of the Board of Directors of a company a director of the company or his relative, a firm in which such a director or relative is a partner, any other partner in such a firm, or a private company of which the director is a member ir director shall not enter any conctract with the company -
(a) for the sale, purchase or supply of any goods, materials or service.
And your company does not comes with in that. And the contract is also not for the sale, purchase or supply of any goods, material or service. And is ordinary course of business.
Thus this contracts is not required to be entered with in the register maintained under section 301.