auditor as a creditor of company?

Sec 226(3) an auditor is disqualified from appointment if he is indebted towards the company for an amount exceeding Rs. 1000 or has provided any security or gurantee towards an indebtedness towards the company on behalf of a third party for an amount exceeding Rs. 1000.. but here companies Act does not disqualify the auditor to provide loan to the company. Thus he can give loan to the company in my opinion.