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Can a Public Limited company be a guarantor

This query is : Resolved 
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(Querist)
22 June 2011 Dear Professionals

Please advise whether a Public Limited company be a guarantor for loan or overdraft taken by group of its employees from a Bank.
Please provide section.

Whether Directors are authorized to create such liability of a company.

Urgent!!!!!!!!!!!
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Saroja

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Saroja (Expert)
23 June 2011 i think

Only housing loan can be given (6 months salary), and the Directors can't authorize only the share holders can authorise, see ESOP guidelines
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