Sec.297 of Companies Act

Mahaveer Ltd. dealing in real estate Business in which Mr.Raja is a director,he is also a director in Pranav Pvt. ltd.

Pranave Pvt. Ltd. entered into contract for buying a property from Mahaveer Ltd. . whether this contract will come under the purview of sec.297?

if YES or NO give me the reasons and the duty of director in the above,both the companies are having capital in excess of Rs.1 crore.